Roundtable

🚀 On recrute notre prochain Growth Intern chez Roundtable. Démarrage : fin août / début septembre 2026 ! Si tu aimes construire des flows d'automatisation, lancer des expérimentations rapides et transformer la data en levier de croissance, le tout dans une startup en forte croissance, ce stage est fait pour toi. Chez Roundtable, on construit l'infrastructure qui permet de faciliter l'investissement sur les marchés privés (venture capital, private equity etc.) et le growth est un driver clé de cette mission ✨ Tu bosseras avec moi, à l'intersection du GTM et des Revenue Operations sur une stack de dingue ! 👉 Le lien de l'offre est en commentaire et mes DM sont open !

Running SPVs in Luxembourg usually means PDFs, paper trails, and LPs losing patience before the first close 🥲 That’s exactly the wall EdenBase hit when we first met. I met Eric and his team about a year ago. At the time, they were looking for a partner to run SPVs in Luxembourg for their deal-by-deal activity. Alongside their core funds, EdenBase regularly offers co-investments and secondary opportunities to their LPs. Their investor base is made up of highly privacy-conscious family offices and LPs, with very high standards for anything digital. We started working together on a first SPV. Then another. And another. Each one refining the experience a bit more, for their team and for their LPs. Once that foundation was in place, a new need emerged. EdenBase’s new vehicle is a $100M Quantum Fund domiciled in the US. That’s when we started working on a different setup: a Luxembourg feeder into their US fund.  A more complex setup, same experience. What Eric often highlights when we discuss the collaboration: → A fully digital, Luxembourg-compliant platform his LPs trust on first use → KYC/AML records his team knows will hold up to any regulatory scrutiny → A team reachable on a business WhatsApp that actually answers In his words: “The rigor of the onboarding process, while demanding, creates exactly the right impression of a professionally run operation.” Start simple. Build trust. Then expand. Full story in the comments! 

Spain’s startup ecosystem is increasingly powered by international capital 🇪🇸 According to Invest in Spain, 70–80% of the capital raised by Spanish startups comes from international investors, especially in later-stage rounds. 👉 The message is clear: Spain’s growth depends heavily on global investors. But there’s still friction: Bureaucracy (e.g. NIE/NIF requirements) Cross-border legal complexity Operational hurdles to join deals If Spain wants to keep attracting international capital, making investment processes simpler and more accessible is key. 💡 One clear way to do this: Using Luxembourg-based SPVs, international investors can participate in Spanish deals through a familiar, streamlined, and fully digital structure, without needing to navigate local administrative barriers. Because ultimately: The easier it is to invest in Spain, the faster the ecosystem will scale. Link to the source in the comments 👇

Encantado de compartir que participaré como ponente en el #CongresoAEBAN2026 👇 Mesa: Vehiculización de la inversión: aspectos económicos, legales, fiscales, tecnológicos y de gestión En un entorno cada vez más sofisticado y regulado, estructurar correctamente la inversión ya no es opcional, es clave para ejecutar operaciones eficientes, seguras y escalables. Compartiré mesa con: 🗣️ Nacho Ormeño (Startupxplore) 🗣️ Beatriz Vilar (law4digital) 📅 28 abril 2026 📍 Girona Con muchas ganas de debatir sobre cómo está evolucionando la forma en la que invertimos y estructuramos operaciones en el ecosistema. Si estáis por allí, ¡nos vemos! AEBAN - Asociación Española Business Angels Networks

A founder once put it very simply: “The money came in fast. The complexity stayed.” That’s the part many teams underestimate when they bring a lot of angels onto the cap table directly. At first, it feels manageable. The investors are supportive. The tickets are small. Everyone is aligned. But later, the founder still has to deal with the consequences of that structure. More names on the cap table. More communication surface. More governance friction. More room for delays when something actually needs to move. That’s why I think founders often frame SPVs too narrowly. Yes, an SPV helps tidy up the cap table. But the real value is that it creates a single external shareholder while still preserving investor participation inside the vehicle. So from the founder side, you get one coordinated interface. Inside the SPV, investors still keep information rights, financial rights, and a voting process on reserved matters. That’s a very different setup from a simple voting pool. A voting pool helps people coordinate. An SPV gives that coordination a structure the company can actually work with. If you’re raising now, the useful question is not “Can we manage this round as it is?” It’s: “Will this still feel manageable when the next round starts?”

People think having many angels in your round is a sign of strength. They’re wrong. It’s complexity. After working with founders raising capital, here’s the pattern: Great angels show interest. They like the product. They like the vision. Then the round starts to take shape 👇 10 angels… 15 angels… 20 angels… Each with small tickets. Each needing legal docs. Each appearing on the cap table. That’s when things break. Not because angels aren’t valuable. But because too many individual investors create friction. Remember: Investors don’t slow you down → structure does VCs don’t reject messy cap tables → they avoid them It’s not about how many angels you have → it’s about how they come in This is why it’s fundamental, not only to keep a clean cap table, but to structure your round through an SPV (Special Purpose Vehicle). One vehicle. One line on the cap table. One streamlined process. Angels still invest. They still have skin in the game. They still add value. But without the operational chaos. If today you don’t structure your round properly, you’re not just adding investors. You’re adding friction to every future round. Is it revolutionary? No. Is it necessary? Absolutely. Is it a competitive advantage for founders? 💯 Sometimes, the difference between a smooth Series A and a painful one… is how you structured your angel round from day one.

A clean cap table is not an admin detail. It’s a fundraising signal. I still see founders treat investor pooling as something you “clean up later.” Usually because the round is moving, angels are excited, and the real priority feels obvious: get the money in. Fair. But this is exactly where structure starts compounding. An SPV does more than reduce the number of names on the cap table. It turns a scattered group of small investors into one shareholder that can be represented externally as one coordinated unit. That matters for three reasons: First, it reduces operating noise. Less fragmented communication. Less signature chaos. Less founder time spent chasing process. Second, it makes your cap table easier to understand from the outside. And that becomes very relevant once funds start diligencing governance, approvals and future round-readiness. Third, it separates internal investor coordination from founder execution. A voting pool may align opinions. An SPV structures the actual implementation. That’s the difference. Messy cap tables rarely hurt on announcement day. They hurt when the next serious investor starts asking questions.

Beaucoup de porteurs de projets sont un peu perdus lorsqu’ils doivent créer leur deck de financement ou de recherche d’investisseurs. Pas parce que c’est compliqué. Mais parce qu’ils ne savent pas toujours quoi mettre dedans, ni par où commencer. Résultat : ils compliquent souvent quelque chose qui peut rester très simple. Un deck de levée de fonds, ce n’est pas un exercice technique. Ce qu’un investisseur ou une banque attend, c’est assez clair : 👉 Comprendre rapidement : - Quel est le projet - À qui il s’adresse - Quel rendement est envisagé - Sur quelle durée Et surtout : pouvoir décider en quelques minutes si ça mérite d’aller plus loin. Pas besoin de 40 slides pour une première approche. Voici une structure simple qui fonctionne dans la majorité des cas : 1/ Présentation des associés - Qui porte le projet, expérience, crédibilité, historique 2/ Présentation du projet - Description de l’actif / de l’opération - Stratégie - Calendrier (acquisition, travaux, exploitation, sortie) 3/ Chiffres clés - Montant recherché - Structure du financement - Rendement cible et horizon d’investissement 4/ Risques et leviers de maîtrise - Principaux risques identifiés (marché, exécution, financement…) - Leviers pour les maîtriser ou les réduire 5/ Annexes / visuels - Photos, plans, éléments concrets pour se projeter. - L’objectif n’est pas d’être exhaustif - L’objectif est de donner envie d’aller plus loin. D’ailleurs, dans beaucoup de cas, un bon one-pager suffit pour déclencher une discussion. Si votre interlocuteur doit passer 30 minutes à comprendre votre projet, c’est déjà trop tard. Montrez juste assez pour qu’il se dise : 👉 “Ok, ça peut m’intéresser.” Et vous ? Plutôt ultra détaillé ou synthétique et efficace ? Curieuse d’avoir vos retours 👇

Most angels don’t have a dealflow problem. They have a structure problem. Most angels I know don’t actually struggle with access. They see good deals. They know founders. They get pulled into rounds early. They sit in exactly the right WhatsApp groups. What they struggle with is something else: Turning interest into actual allocation. Because seeing a strong deal is one thing. Turning that deal into: coordinated investor demand a meaningful ticket and a repeatable position in the round is a completely different game. That’s where many angels get stuck. Not because they lack judgment. Not because they lack network. But because they still operate informally. A few intros here. A few forwarded decks there. Some soft commitments. Some manual follow-up. That works if you want to stay a solo angel. It stops working the moment you want to become structurally relevant. Because founders don’t remember who said “happy to invest €10k.” They remember who helped make the round happen. The angels who become truly relevant are usually not the loudest. They are the ones who can turn interest into coordination. That’s the real upgrade. And in many cases, this is exactly the point where angels start thinking about pooling capital into an SPV. Not as a financial product. But as a way to turn access into actual allocation.