O’sullivan €30m scoops from bicycles selling startup uber

  • O’sullivan €30m scoops from bicycles selling startup uber
    Independent.t. E.
    Former “dragons” day of the entrepreneur Sean O’sullivan has made more than € 30 million from the initial €1m bid on bike-sharing company that was sold to uber about 200 million euros.
    https://www.independent.ie/business/technology/news/osullivan-scoops-30m-from-bicycle-startup-sale-to-uber-37220394.html
    https://www.independent.ie/business/technology/article37220393.ece/faf3a/AUTOCROP/h342/2018-08-16_bus_43306296_I1.JPG

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Former “dragons” day of the entrepreneur Sean O’sullivan has made more than € 30 million from the initial €1m bid on bike-sharing company that was sold to uber about 200 million euros.

O’sullivan, whose SOSV venture Fund is one of the world’s most active in funding early-stage startups took in 2014 early betting on racing bicycles, supplying most of the company’s 1m starting capital. He took part in the second €8 million round of financing in January of this year, together with eight other investors, bringing total investment of € 4 million.

In April, uber bought a jump of about 200 million euros.

“We received a huge return from it,” said O’sullivan. “We owned 20pcs jump, which was acquired by uber for a couple of hundred million dollars. This is an example where we’ve invested a lot of money and even more money”.

Currently SOSV € 300m under management. The company is investing in 150 startups every year compacts between €50 and €70m in the company. She invested in more than 700 start-UPS.

SOSV focuses on a variety of technologies, including medical devices, robotics, life science and equipment.

The company was also one of the first investors in Bitmex, the largest bitcoin trading Platform in the world, whose three founders are now estimated at billionaires.

SOSV invested in the accelerator-supported startups in cork, San Francisco, China and other countries. It works almost 100 in its various offices.

O’sullivan said recently SOSV decides to move biotechnology accelerator installation from cork to London for the broader market opportunities in the UK capital.

“In some cases, Ireland has the same opportunity for start-UPS, we serve as the London,” he said.

“For us, it’s a bummer to understand that we are able to Fund startups is much easier when they were shown in London. They funded more rapidly in London for much more money. We need to do what’s best for our starters”.

O’sullivan also said that in the near future may be less attractive to form a start-up in Ireland relative to the UK, because the UK is currently stepping up aggressive new tax incentives for investors and startup founders. “The UK is doing some very aggressive things in order to make the investment attractive startups, invests in startups and large tax deductions”, – he said. “There are some amazing big incentives.”

One of the recently established funds SOSV is IndieBio, and EUR 25 million pot set up to look for promising young companies in the field of biotechnology.

The company has recently placed significant investment in Synthex, a San Francisco biotechnology startup that O’sullivan says that could advance medical science in some forms of cancer. “We made a huge bet on it, they raise a new round of $30 million [€26.4 m]”, he said.

“This is a very promising cancer therapeutic that came out of our program Indie Bio.

“He has shown positive results in early stage studies for pancreatic cancer and some very good signs for others, usually fatal types of cancer.” O’sullivan said that SOSV is moving to increase the number placed in private start-UPS next year. “Each year, we invest about 50 million euros,” he said. “But our new Fund will grow to approximately 70 million euros a year, even if we keep the same number of startups.”

O’sullivan was one of the first investors in Netflix and Amazon, and Apple in your portfolio. SOSV is also supported by harmonix, the company behind the hit video game ‘guitar’.

For 54-year-old Irish American entrepreneur living between Cork and new Jersey, originally co-founded and built a road-mapping company mapinfo, which went to net him nearly $20 million under the $200 million public flotation in the mid 1990-ies. Since then, he has focused on the early stage.

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