Nomads

Nomads (Hummingbird VC) - Research Document Investment Thesis Nomads, operating publicly as Hummingbird VC, is a global seed stage venture capital firm that backs "outlier founders" with unconventional ambition and non-linear journeys. Founded by Barend Van den Brande with over two decades of venture capital experience, the firm explicitly rejects formula-driven, pedigree-based investing in favor of identifying founders who demonstrate "deep-rooted ambition and an otherworldly sense of urgency." The core thesis centers on "Fuori di Testa" (out-of-your-mind ambition)—betting on founders when it isn't obvious yet. Nomads believes that the best companies are built by rare entrepreneurs who operate outside conventional wisdom and can filter out 95% of typical VC advice. The firm emphasizes that generalist VCs win more because their insights remain relevant across cycles, and they focus on identifying the talent and culture strengths that truly define exceptional companies rather than getting trapped in outdated domain expertise. Investment Stage & Check Size Nomads is primarily a seed and pre-seed investor with a portfolio spanning multiple stages up to Series A and beyond. Analysis of their portfolio indicates: Pre-Seed Stage : Investment range typically $500K and upward Seed Stage : Core focus with investments ranging from $500K to $50M+ Series A and Later : Selective follow-on participation up to $50M+ rounds The firm demonstrates significant conviction through concentrated portfolio construction rather than diversification. Notable examples include a 25% fund allocation to a single company, reflecting their belief that "portfolio construction and diversification is for people who don't know what they are doing." This conviction-based model enables them to double down and triple down with meaningful check sizes. Lead Tendency Nomads operates as a lead investor in early rounds, particularly at seed and pre-seed stages. The firm's concentrated portfolio approach and hands-on relationship model indicate a preference for leading rounds rather than passive participation. However, they maintain flexibility and selectively participate in later-stage rounds for portfolio companies demonstrating exceptional performance (as evidenced by recent Series F participation in Revolut and Series A/B participation in other portfolio companies). Sector Focus & Diversification The portfolio demonstrates impressive breadth across: Primary Sectors: Biotech & Life Sciences (11 companies) - strongest concentration Deep Tech (8 companies) - robotics, materials, semiconductors, space Artificial Intelligence (4+ companies, growing) Fintech (12 companies) Gaming (2 companies) Healthcare (6 companies) SaaS & Enterprise Software (11+ companies) Marketplaces (6 companies) Technology Orientations: AI/ML applications across sectors Biotech and life sciences technologies Advanced hardware and robotics Blockchain/crypto infrastructure The firm explicitly rejects "limiting ourselves to verticals, niches or geographies," seeking instead to identify exceptional founders wherever they operate globally. Geographic Focus Nomads operates as a truly global venture firm with investment hubs across three continents: North America : 20 companies in portfolio EMEA (Europe, Middle East, Africa) : 27 companies APAC (Asia-Pacific) : 11 companies South America : 2 companies The team travels globally in search of outlier entrepreneurs, positioning themselves to identify opportunities outside Silicon Valley bubble-think and provincialism. Their nomadic approach (reflected in the firm's name) enables pattern recognition across geographies and detection of category-defining companies anywhere globally. Team & Expertise The firm operates with 26+ team members including: Leadership: Barend Van den Brande (Founder/Founding Partner) - 20+ years VC experience, former J.P. Morgan analyst, strong track record with Deliveroo (IPO), Showpad, Frontier Car Group Firat Ileri (Managing Partner) - MIT-trained engineer, active investor since 2012 with strong portfolio including Anima, Aspire, BillionToOne, Enveda, Etched Lukas Decoster (Partner) - M&A lawyer, operational architect for fund management and portfolio support Mario Gabriele (Partner) - Founder of The Generalist media company, deep media/startup expertise Investment Team: Focused investor specialists across biotech (Patrick Lundgren, PhD Immunology from UPenn), deep tech (Haya Hanna, research scholar at Harvard), healthcare (Katherine Jones, neuroscience researcher), European markets (Konrad Kordowski), aerospace (Marc Rizk, MIT Aerospace Engineering) Support Functions: CFO, Legal, Compliance, Operations, Talent teams supporting portfolio company needs Chief of Staff (Caitlin Dennis, ex-Bridgewater, 10+ years VC operations) Decision Making & Process Nomads operates as a partnership-based decision model with selective, concentrated investment approach rather than committee-driven processes. Key characteristics: Conviction-based selection : Backing "only a few times a year" with "deep and unwavering conviction" Non-formulaic analysis : Explicitly rejects playbooks, rule sets, and formulaic VC decision-making in favor of pattern recognition on founder psychology and potential Contrarian questioning : Use unconventional line of questioning to unearth founder potential Pattern recognition focus : Nailed pattern recognition on spotting entrepreneurs who build category-defining businesses Decision timeline appears relatively responsive, consistent with seed-stage investing and founder-friendly positioning. Notable Exits & Portfolio Highlights Recent Exits: Revolut (Fintech) - IPO/private market exit path, Series F participation Lovable (AI code platform) - Acquired (2025) Etched (AI chip) - Series A (2024) BillionToOne (Biotech diagnostics) - Series A (2019) Kraken (Crypto exchange) - Major exit Deliveroo (Food delivery) - Pre-IPO Active Unicorns/Large Outcomes: Revolut (multi-billion valuation) Kraken (largest crypto exchange category) Deliveroo (market leader) Biotech Leaders: BillionToOne, Enveda, Basecamp Research, Kernal Bio, Amber Bio (biotech focus reflects sector strength) Founder Preferences & Selection Criteria Nomads explicitly targets: Non-linear thinkers : Founders who "filter out 95% of the advice they're given" Unreasonable founders : Proof of urgency and willingness to operate outside conventional wisdom Category builders : Entrepreneurs building category-defining businesses, not incremental innovations Problem solvers : Founders addressing real market problems with conviction Culture & talent builders : Focus on companies winning through exceptional talent and culture (not just funding) Global outliers : Founders anywhere globally demonstrating exceptional potential Anti-thesis: Founders seeking traditional validation, pedigree-dependent hiring, or acceptance of mediocre talent in bloated funding rounds. Decision Philosophy & Founder Support Model "We Don't Meddle" : Core operational principle rejecting formulaic VC value-add. The firm provides: Brutal honesty when needed (while keeping founders in control) Talent pool access for recruiting exceptional teams Capital to survive near-death moments Hands-off operational control with selective, high-impact support outside boardrooms The firm explicitly warns against VCs "who promised value-add to win deals," instead focusing on authentic support where founders retain autonomy. Recent Activity & Fund Status Active deployment : Fund is actively deploying across regions Recent investments : Portfolio additions in 2024-2025 including Lovable (exit), Etched, White Circle AI, Interfere, Epana Bio, Atum Works, Deepshard Trend : Increasing focus on AI applications and deep tech as market evolution continues Portfolio size : 71+ active portfolio companies across stages Competitive Positioning Nomads differentiates through: True global footprint with nomadic team structure (vs. regional focus) Concentrated portfolio construction (vs. diversified/large portfolios) Generalist thesis across sectors (vs. specialized focus) Non-formulaic decision-making (vs. systematic processes) Founder-first operations philosophy (vs. VC-driven value creation) Deep founder ecosystem and talent networks across regions