Tractive's exit and the rise of Austria's startup mafias
By Stefan Köppl ·
Founders Dispatch #1
Stefan Köppl in conversation with Jakob Steinschaden, co-founder of Trending Topics.
The first episode of Founders Dispatch, the new podcast of Trending Topics, built on its long-running newsletter of the same name. Stefan Köppl, Managing Partner of Samira Advisors, and Jakob Steinschaden look at what large exits do to a startup ecosystem.
In one minute
- Tractive's sale to Bending Spoons for around EUR 770 million is a turning point for Austria's startup scene.
- SaaS valuations have reset: Airtable fell from USD 11.7 billion to around USD 1.3 billion.
- Big exits fund the next generation. Founders and early employees become angels and start new companies.
- Metrics such as ARR, EBIT and the "Rule of 80" are being rethought as AI changes the SaaS business.
From Runtastic to Tractive
The episode traces the "Runtastic-Tractive mafia": how money and experience from successful exits flow into new founders, including the new investment vehicle "Trexit". Europe has seen the same pattern after Spotify, Revolut and Skype, whose alumni have started hundreds of companies.
Emmi goes Mistral
A second large exit from Upper Austria: Emmi's move to Mistral, valued at an estimated EUR 300 to 400 million, and what it says about Mistral's strategy.
This conversation first appeared on Founders Dispatch, the podcast of Trending Topics. Listen to the full episode (opens in a new tab)
