Johnston Carmichael has secured a partnership with Europe’s first VC accelerator to empower emerging VC managers and bolster the fundraising system.
The firm was selected as Mountside Ventures’ Emerging VC Managers Accelerator Programme’s sole accountancy partner due to its “track record and credibility within the venture community”.
The programme was launched earlier this week by Mountside – Europe’s leading accelerator and early-stage advisory firm - and is open to applications for a programme that will start in the new year.
As part of the partnership, the UK accountancy and business advisory firm will provide specialist advice, mentoring and full accountancy to new and emerging VC funds.
Jordan Brown, financial services tax partner at Johnston Carmichael, said: “This is a hugely exciting opportunity for Johnston Carmichael and we’re really proud to be the only accountancy and business advisory partner to be selected for this important accelerator.
“As a firm, we look forward to mentoring and supporting some of the very best emerging VC managers and start-ups across Europe as part of this initiative.
“We have strong experience in the tech ecosystem, and we’re keen to play our part with the partners involved to make this accelerator a real success story.”
Founded almost 90 years ago, Johnston Carmichael has developed a suite of services to support start-up and scaleups, helping businesses with funding, commercialisation, tax and internationalisation. As part of the Moore Global network, the firm also has colleagues in 113 countries each with significant expertise in their local markets and regulations.
Applications are now open for the programme which targets exceptional managers headquartered in Europe, specialist or agnostic funds, investing at pre-seed to Series A stage.
Entrance and participation in the 12-week accelerator is free, with no hidden costs involved, in an effort to avoid selection bias and level the playing field for underrepresented managers who could otherwise be excluded.
New and developing VC funds are consistently among the top 10 performers in the asset class, accounting for 72% of the top-returning funds. Compared to larger brands, they can provide better speed, value-add, founder optionality, and financial returns to LPs.
However, support for these investors is relatively scarce. Whilst thousands of incubators, accelerators and communities exist for startup founders, VCs face far fewer options despite facing fundraising challenges that are more time-consuming, expensive and complex; prompting the launch of this industry first.
This annual VC programme represents the first structured programme for emerging managers headquartered in Europe and is designed to support a cohort of 15-20 exceptional VCs in closing their next fund.
Jonathan Hollis, managing partner at Mountside Ventures, said: “Europe is full of exceptional investors backing incredible founders. However, the fundraising pathway for these investors is challenging, opaque and often prohibitive.
“We’re here to accelerate the very best and help them develop into equally strong fundraisers.
“We are grateful to the incredible mentors and partners right across the fundraising ecosystem who are joining us in delivering this programme and look forward to working with what we’re confident will become the vanguard of Europe’s next generation of fund managers.”
Gregor von dem Knesebeck, managing partner at Blue Future Partners, added: “Emerging VC managers are paramount for a thriving European tech ecosystem and by co-initiating the programme we express our strong and continued commitment to supporting the next generation of VCs. This programme is directed at effectively enabling a cohort of managers to access resources and funding to accelerate their fundraising in extremely difficult times.”
This represents the latest programme from Mountside Ventures in a series of free support targeted at the VC-LP ecosystem in recent years.
The Europe-wide accelerator is fully funded by the programme’s corporate partners who share Mountside Ventures’ goal of widening access to Venture Capital.
The programme is seeking VCs raising their first to third fund with a differentiated strategy, partner teams with deep domain experience and who are likely to form the next generation of top-tier funds.
The selection process does not require warm introductions, instead relying on a brief initial online application, followed by a call, request for further information then if required reference calls, ahead of a decision.