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‘In the Shoes of a VC’ – Interview with Linn Bäckegren-van Ingen, Investment Manager InnovationQuarter Capital

Florine Arkenbout14 February 2025

Story

How do investors evaluate a startup? What happens behind the scenes? Linn Bäckegren-van Ingen, Investment Manager at InnovationQuarter Capital, gives us an exclusive look into the investment process. During her master’s in Entrepreneurship and Business Design, Linn started her own startup with two classmates, an engineer and a surgeon. As a result, she knows firsthand what it’s like to sit on the other side of the table. She shares her insights and tells us what really happens when a startup is looking for investments.

The starting Point: the intake

“It all begins with a pitch deck. We don’t just look at the technology, but primarily at the problem the startup is solving. Is it a relevant problem? Does the startup have a solution that truly makes a difference? If we believe that, the startup passes the first selection, and the first GO/NO GO moment follows during our weekly team meeting.”

A good pitch deck needs to be brief, concise, and to the point. Linn explains:
“The most important thing is to answer three crucial questions: what problem are you solving, how are you doing that, and why is this the right time to approach it your way?”

Essential elements for a pitch deck:

The problem, how it’s been validated, your solution, and why your solution is better than existing alternatives.
The current status of the startup, clear milestones, and results achieved.
Information about the team: who are they and what do they bring to the table?

“You’re embarking on a long collaboration, so it really has to feel right.”

– Linn Bäckegren-van Ingen, Investment Manager InnovationQuarter Capital

The deep dive: the real work begins

“If the first impression is positive, we start a deep dive review. We dive into the technology, the team, the market, and the legal aspects. In this phase, initial discussions about the term sheet are often held, and we gain access to the startup’s data room. If everything looks good, discussions move towards final documentation and closing the investment.”

Two crucial decision-making moments in this process:

Deep dive review with colleagues: where we examine the startup in detail.
Investment committee: where the final investment decision is made.

The example of Spatium Medical

Linn shares a good example of a successful deep dive: “Spatium Medical develops an insufflation technology that ensures safer minimally invasive surgeries. Their solution is so evident that you think: why hasn’t this been thought of before? To me, this is the essence of a good startup.”

In addition to the unique technology, the team consists of a combination of technical and clinical experts and a CEO with years of relevant experience. “They’ve already made important strides, which gives a lot of confidence in their future.” Read the full story of Spatium Medical.

Collaborating with entrepreneurs

At InnovationQuarter Capital, it’s not just about providing capital but about building a long-term partnership. “An investment is a partnership. That’s why it’s important to feel a click with the team from day one. As we often say: ‘You’re embarking on a long collaboration, so it really has to feel right.’”

InnovationQuarter typically invests between €250,000 and €2 million, with an average ticket size of €500,000. Linn explains that they always work with co-investors who bring in specialized knowledge.

“We work in a team of two or three colleagues on every deal, so we have multiple perspectives in the decision-making process.”

Advice for entrepreneurs

Linn shares some valuable tips for startups looking for funding:

Don’t be afraid to reach out. “We at InnovationQuarter are here to guide companies, even if it means referring you to another organization.”
Prepare well for fundraising. “Learn from other entrepreneurs. Sharing experiences is incredibly valuable.”
Stay true to your story. “Believe in your idea and don’t change too much to meet expectations. Trust your own vision.”
Provide a real solution. “I see a lot of clever technology come by, but that’s not enough. There needs to be a clear market need.” The Market Readiness Program from InnovationQuarter helps startups gain insight into their market.

Linn emphasizes again:“Fundraising is a marathon, not a sprint. The process typically takes 6 to 12 months. And after the investment, we remain involved, often with monthly updates and regular check-ins.”

Meet us at Innovation for Health 2025

Would you like to discuss your growth plans in person? Visit our booth at Innovation for Health 2025 on April 3 in Rotterdam! Meet our team and schedule an appointment in advance via this page: Meet our team at Innovation for Health 2025 – Innovationquarter

Want to know more?

Are you curious if your startup qualifies for an investment? Get in touch with InnovationQuarter and explore the possibilities: InnovationQuarter long-term investor for startups & scale-ups. Or take the quick scan. As Linn herself says:“It’s a long road, but with the right preparation and partners, your idea can become a reality.”

With her experience in Life Sciences & Health (LSH) and her background in biotech, Linn understands startups from a unique perspective. Her personal advice and insights are key to the success of many startups in this sector.

Linn Bäckegren

Investment Manager InnovationQuarter Capital

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