Concept Ventures Research
Investment Thesis
Concept Ventures is Europe's largest pre-seed fund, built on the conviction that the best companies often start as just a concept. The fund invests in founders at the earliest stage, providing not just capital but structural support to help first-time and repeat founders navigate the pre-seed phase. With a fund size of $88M, Concept positions itself as conviction-based rather than consensus-driven, backing founders with ideas before traction exists.
Sector Focus
Concept is a generalist pre-seed investor with no sector exclusions. Their portfolio spans:
- AI/ML infrastructure and applications (ElevenLabs, Archestra, Gendo, Verax)
- Enterprise software and B2B SaaS (Jigcar, Symbe, Wrisk, Peopleforce)
- Developer tools and infrastructure (Superlinked, Skiller Whale)
- Healthcare and biotech (Sohar Health)
- Gaming and entertainment (Dash Games, Landmark Games, Playgap)
- Climate and sustainability (Treefera)
- Deep tech and robotics (Arondite for human-machine autonomy, V-Sim for simulation)
- Consumer and marketplace (Waypoint, Playter)
The unifying thread is technical founders with strong conviction and the ability to execute at speed.
Stage Focus
Concept is exclusively pre-seed focused. Investment criteria:
- Pre-seed rounds only: typically the first institutional check
- No follow-on participation in Series A/B (though they reserve capital)
- Sweet spot: founders with working prototypes or early user traction
- Rapid decision timeline: no more than 5 hours of founder time from initial meeting to term sheet
Check Size
Typical investment: Up to $1.5M
- Standard check size: $500K-$1.5M for pre-seed rounds
- Target ownership: rarely disclosed but typically 12-20% for pre-seed
- Fund reserves: 50% of fund reserved for follow-on investments
Lead Tendency
Concept typically leads or co-leads pre-seed rounds. They position themselves as "first-check investors" and actively build rounds alongside founders, bringing in other VCs, angels, and strategic investors. Their process includes dedicated "round building" support post-investment.
Recent Activity
Fund II ($88M) closed and is actively deploying. Recent portfolio activity (2024-2025):
- Archestra (AI agent infrastructure, July 2025 - Series A follow-on)
- Fabra (3D design tools, March 2025 - Pre-Seed)
- Dex (AI talent matching, April 2025 - Pre-Seed)
- Anam (AI avatars, October 2024 - Pre-Seed, followed by Series A)
- Architect (AI page builder, August 2024 - Pre-Seed)
- ArgoX (Digital insurance platform, February 2025 - Pre-Seed)
- MindMax (AI learning app, November 2024 - Pre-Seed)
- ElevenLabs (Series C at $3.3B valuation, $180M raise - major exit/unicorn)
Fund is actively deploying with strong exit velocity: ElevenLabs reached $3.3B valuation, Arondite exited as codebase acquisition, Cliff.ai acquired by GTMHub.
Portfolio Highlights
Notable Unicorns/Mega-rounds:
- ElevenLabs: $3.3B valuation (Series C, $180M), voice AI company
- Arondite: Acquired/serious validation of autonomous tech
- Anam: Followed into Series A from Pre-Seed
Active Portfolio (50+ companies): Stage distribution across pre-seed through Series A/B follow-ons. Portfolio includes 40+ pre-seed investments, majority still in growth phase.
Exits:
- Cliff.ai (acquired by GTMHub, 2022)
- Playter (Shawbrook Bank acquisition)
- Multiple portfolio founders re-investing as LPs
Team
Core Partners:
- Reece Chowdhry, Managing Partner - Primary decision maker
- Oliver Kicks, Partner - Investment lead
- Jeff Chowdhry, Partner - Operational/strategic focus
- Seyon Indran, Partner - Portfolio support
- Ariel Rahamim, Partner - Founder success
- Anrea Munsamy, Partner - Operations
Team structure emphasizes partnership-based decision-making with dedicated founder support roles.
Decision Process
Partnership model with structured but rapid process:
- Initial meeting (30 mins, 1 partner + founders)
- Second meeting (60 mins, 2+ partners + founders)
- Co-founder deep-dives (90+ mins, 1:1 with partners)
- Investment Committee (full team, in-person, 90 mins)
- Same-day decision and term sheet delivery
Decision timeline: No more than 5 hours total founder time.
Geographic Focus
European-focused with London HQ (20 Victoria Street, Westminster). Portfolio includes companies based across UK, Europe, with some global reaches (US tech talent, international founders).
Founder Preferences
Concept explicitly seeks:
- First-time founders: founders building their first company with support needs
- Repeat founders: scaling founders who've exited previously
- Technical founding teams (engineers, researchers, product experts)
- Founders operating on conviction before market consensus
- Teams willing to move at speed
- Domain expertise or deep problem understanding
- Ability to ship fast and learn from market
Fund Status
Fund II ($88M) actively deploying. Recent announcements show consistent investment pace. Company manifesto emphasizes "conviction before consensus" and "always day 1" mentality.
Additional Notes
- Standard term sheet published and transparent
- Publishes investment criteria openly
- 70% of portfolio founders reinvest as LPs
- Strong focus on post-investment founder support
- Rapid closing process (typical 5 hours total)
- Active in round building and ecosystem support