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From Marcel’s success…to Cityscoot’s bankruptcy

Bertrand Altmayer

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Jérémy Dallois

Louis, serial entrepreneur despite a severe disability, sells his company for €XXm

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Several articles have prompted
your interest in our newsletters

RC #18: Back to normal or private equity crisis?

RC #19: Understanding the famous “40% rule” in SaaS

RC #20: How much do Tech bosses in France earn?


In this newsletter, you’ll find an article highlighting the fact that the current situation, described by some as a “crisis”, is actually more a return to normal, likely to reassure investors rather than worry them.

In this newsletter, you will find an article explaining how SaaS companies are making the transition to profitability. You’ll understand why a SaaS company’s EBITDA margin and growth rate must exceed 40%.

In this newsletter, you’ll find an article explaining the variables that influence the remuneration of Tech company executives.

Explore our LinkedIn publications
that caused a sensation

Why €2m?

Small vs. large private equity funds?

Club deal or fund?

Understand our decision to invest exclusively in companies with sales of at least €2m.

Many entrepreneurs ask me why Reflexion Capital only invests in companies with minimum run-rate sales of €2m.

In B2B, achieving €2m run-rate sales in less than 5 years (velocity is also key) is generally proof that you’ve found your product market fit, especially if you haven’t done so with millions of euros in financing.

The first million in sales is not that difficult to achieve. Between the early adopters who in no way demonstrate the maturity of the market, the former employers/buddies who buy the product to help launch the business, the customers who thought they needed it but don’t renew the contract the following year… The second million is a different kettle of fish.

Raising significant amounts of money when you think you’ve found your product market fit when you haven’t is always a mistake.

We recruit a bunch of salespeople to speed things up. 6 months later, they’re fired. But why? Because they’re no good! So we replace them? 6 months later, the results are still not there. So it took 12 months to realize that the problem wasn’t with the sales people, but with the fit between the product and its market. And there’s almost nothing left in the coffers to remedy the situation.

Experience speaks for itself…

For traditional private equity funds, the magic number is €20m, although some start looking at €10m, particularly when the target is in software. At Reflexion Capital, we strive to help the companies we finance reach €20m sales in less than 5 years, in order to be eligible for a deal with a private equity fund. This also implies being profitable…


Small private equity funds have been outperforming large ones since 1980.

Contrary to popular belief, small private equity funds outperform large ones, and have been doing so since 1980!

There are several reasons for this:

> Over the past 4 decades, inflows to large funds have far outstripped deal flow, resulting in increased competition and consequently high multiples. For small and medium-sized funds, the opposite has been true.

> The small and medium-sized business segment offered many more investment opportunities, both in terms of funds and operations.

> Small and medium-sized operations are often carried out at a multiple discount, due to the perception of a higher risk, but also because such operations are more expensive.
operations are often non-intermediated and therefore less competitive.

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I’m also told that the first generations of funds are the best performers;)

Yet many investors (and their advisors) prefer to turn to the big names in the business, managing mega funds and themselves investing in mega deals…

Why did Reflexion Capital choose to offer a hybrid model?

> Investing in a club deal means investing in an asset.

> Investing through a fund means first and foremost trusting a management team to implement a predefined investment strategy.

Right from the start of the Reflexion Capital adventure, our aim was to launch a fund, and that’s exactly what we achieved in early 2023.

But to demonstrate that our original investment thesis could find a market, we made our first 5 investments in club deals.

A bit like a SaaS entrepreneur who would do a few POCs with initial customers before marketing his software on a larger scale 😉

This enabled us to ensure that we had a sufficiently deep and qualitative dealflow, and a base of investors ready to follow us, before launching our fund.

The vast majority of investors (entrepreneurs and family offices) who had participated in two or more of our club deals became subscribers to our fund.

But some of them were afraid of losing their proximity to the business, and wanted to be able to get more involved, both financially and in terms of support, in certain companies.

That’s why we offered them a hybrid model: a ticket in our fund that guarantees them a diversified allocation, combined with a co-investment right that enables them to gain greater exposure to certain issues, if and when they wish.


Reflexion Capital is a registered trademark. The Reflexion Capital #1 fund is managed by Tygrow, an AMF-accredited asset management company under number GP-20226. Investing in unlisted companies involves risks.

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