Raadpleging 20–23 oktober: stemformulier, aangepaste optie C en reactie van de beoogd beheerder

Beste certificaathouder,

Vandaag opent de raadpleging over het beheer van je SPV. Je kan stemmen tot vrijdag 23 oktober 17:00 uur via https://forms.gle/B73KmcPDFKgXmqQeA. De drie opties zijn A (administratief beheer onder de huidige voorwaarden), B (actief beheer zoals beschreven in de data room) en C (actief beheer volgens het voorstel van een groep certificaathouders).

In de data room vindt je de aangepaste versie van optie C (versie van 20 oktober in de directory 20261020 New Input https://startupbootcamp.docsend.com/view/s/xcqg4fb8zhsq24pq ) van de indieners, met daarin onder meer een drempel van 75% van de inleg, een staffel boven de drempel, een opzegrecht en een scheiding van de rollen van STAK-bestuur en SPV-bestuur. Waar op het formulier "optie C" staat, wordt deze versie bedoeld. De indieners geven zelf aan dat het een werkdocument is: op basis van reacties kunnen onderdelen nog worden aangescherpt.

Reactie van de beoogd beheerder

Als initiatiefnemer van de beoogd beheerder (een nieuw op te richten vennootschap, in de stukken aangeduid als NewCo) heb ik kennisgenomen van dit stuk en er op 19 oktober met de indieners over gesproken. De indieners wijzen er terecht op dat de eenmalige posten in de begroting van de beheerder (B14) niet thuishoren in de voorwaarden van een SPV. Die begroting is daarop aangepast en de nieuwe versie staat in de data room. De eerdere opmerking dat optie C in de praktijk op optie A zou neerkomen, was gebaseerd op de begroting zoals die toen voorlag en gaat in die vorm niet meer op.

Ongeacht de uitkomst zal ik met de beoogde STAK-bestuurders in overleg gaan direct na de raadpleging met als doel voorwaarden realiseren waaronder de SPV's actief beheerd kunnen worden.

Wat de raadpleging wel en niet is:
De raadpleging is een peiling, geen bindend besluit. Het (nieuw te vormen) STAK-bestuur gebruikt de uitkomst om een voorstel uit te werken dat het in het belang van alle certificaathouders acht en legt dat daarna formeel voor. Ik doe geen uitspraak over hoe je zou moeten stemmen. De belangrijkste boodschap van alle betrokkenen is dezelfde: welke optie je ook kiest, er is bereidheid om er na vrijdag samen uit te komen.

Iedereen ontvangt een bevestiging van de eigen stem. Tussentijdse standen worden niet gedeeld; na sluiting ontvang je het volledige overzicht.

Met vriendelijke groet,
Marc Jellema

Documents for the consultation are in the data room

Dear certificate holders,

The following documents are in the data room (https://startupbootcamp.docsend.com/view/s/xcqg4fb8zhsq24pq)

1. 20261016 Q&A version 2.1
2. 20261016 Weet waarvoor je kiest – our response to Optie C version 7
3. 20261016 Stemprocedure – how the consultation works, who verifies the count and when it closes
4. 20261016 Optie C version 7 – the proposal as submitted by the certificate holder group
5. STAK Board candidates – profiles of the proposed board members

The consultation opens on Tuesday 20 October and closes on Friday 23 October at 17:00. Voting is per SPV; the procedure and the way votes are counted are set out in the Stemprocedure document.
The question round is now closed. Version 2.1 of the Q&A is the final version and will not be updated during the vote, so that every certificate holder decides on the same information.

Kind regards,
Marc Jellema

Q&A version 2.0 and interactive model now available

Dear certificate holders,

Q&A version 2.0 is now available in the general data room: https://startupbootcamp.docsend.com/view/s/xcqg4fb8zhsq24pq.
It brings together all questions submitted in writing since the meeting of 1 October, including those of the past week, with the answers. Version 2.0 replaces the Q&A of 5 October and the answers of 7 October.

We have also built an interactive model to make next week’s consultation choice tangible: what you receive per SPV under the current terms without a manager, and what under the proposal with active management, on assumptions you set yourself. The model, with a short guide on how to use it, is here: https://startupbootcamp.org/spv-leakage-model

Kind regards,
Marc Jellema

Follow-up to investor meeting of 1 October – presentation, Q&A and SPV documents

Dear certificate holder,

Thank you for joining the meeting last Thursday, 1 October. As promised, please find the materials below.

1. General data room

Thursday's presentation, including the recording and the transcript, is available in the general data room: https://startupbootcamp.docsend.com/view/s/xcqg4fb8zhsq24pq

This data room is the same for all SPVs and contains the information relevant to all certificate holders.

2. Q&A

The same data room holds the Q&A with the questions raised during and after the meeting. 
Additional questions and answers will be added there, so that all certificate holders have access to the same information. 
If you have a question, please use send it to marc.jellema@startupbootcamp.org; the answer will be included in the Q&A.

3. Documents of this SPV

The documents specific to this SPV can be found here: https://startupbootcamp.docsend.com/view/s/uza9rdruq29ici4f

Kind regards,
Marc Jellema

Presentation material – investor meeting Thursday 1 October

Dear investor,

Ahead of Thursday's investor meeting on the future management of the SPVs, the presentation is now available here: https://startupbootcamp.docsend.com/view/s/xbcx3ww4f9q82zhg. 
My apologies that this comes later than the 24 September date we gave you.

The deck follows the program: where we stand with A-ccelerator Ventures (Marc Jellema), the alternative of a new management organization (Philip Kiracofe), and what we are asking of you and when.

Thursday 1 October, 15:00–17:00, Epicenter Amsterdam, Piet Heinkade 99. Online via Google Meet: https://meet.google.com/isw-smfw-eij. Drinks afterwards.

If you cannot attend, the material remains available via the link above and in the data room.

Warm regards,
Marc Jellema

1 October - a choice about how your SPV is managed

On Thursday 1 October, from 15:00 to 17:00, we're holding an investor meeting at Epicenter Amsterdam, Piet Heinkade 99. Drinks follow afterwards.

You can attend on site or join online via Google Meet: you'll receive the joining link when you register.

There is a decision on the table about the future management of the SPVs. What it concerns, who will speak and what we're asking of you:
https://drive.google.com/file/d/1KbF_QB5NZdWIyUSxZ42p0d-dg__ldBGh/view

Please register by Friday 25 September, close of business, at:
https://forms.gle/oWY3wnTj7jWmTHzZ7

You'll receive the presentation material by Thursday 24 September at the latest.
The calendar details are on the confirmation page after you register.

Warm regards,
Marc Jellema

Q2 2026 reports published – now available via DocSend

Dear investor,

We are pleased to inform you that the reports for the second quarter of 2026 have been published.

From this publication onwards, we are making our reports available through DocSend. We are making this change for two reasons:

1. Information security – DocSend gives us better visibility and control over who has access to confidential documents and how these are shared. Protecting proprietary information about the startups ultimately protects portfolio value, so this step directly benefits each shareholder.

2. Accessibility – all published reports are available to you in one central location, so that you can easily consult earlier editions as well.

In addition to the quarterly reports, the 2025 annual accounts will also be uploaded to the relevant data room. We expect these to be ready in draft by Friday 21 August at the latest. As soon as we have finalized these for release, we will add them to the data room and notify you accordingly.

You can access the data room via this link: https://startupbootcamp.docsend.com/view/s/ru59ukhic5uciuzs

If you have any questions about the reports, please feel free to contact me.

Kind regards,
Marc Jellema

Q4 2025 | Q1 2026 report

Dear investors,

Please find attached the combined portfolio report covering Q4 2025 + Q1 2026
Feel free to reach out if you have any questions to ams@startupbootcamp.org.

Best regards,
Marc Jellema

Investor update

Dear Investors,

Here is a quick update from us, highlighting some things worth flagging as we head into Q2.

Q4 & Q1 PORTFOLIO REPORTS: ARRIVING APRIL 7TH

We're finalising our combined Q4 and Q1 portfolio reports, which will land in your inbox on April 7th. Bringing both periods together in one report gives a fuller picture of how the portfolio has evolved over the past two quarters. 
This edition also introduces a new format, cleaner, more structured, and built around the metrics that matter most. Consider this the first step in a broader effort to raise the bar on how we report and manage the portfolio.

JANUARY SHAREHOLDER AMA: RECORDING & TRANSCRIPT

For those who haven't yet had a chance to review the January AMA session, the recording and full transcript are available below:

Recording: https://drive.google.com/file/d/1N58TtrHEj56SPtocSkJd09RHyypTdOyb/view?usp=sharing

Transcript: https://docs.google.com/document/d/10PSAHPAkZL-tzzjzT1_EqdlyVGRLqaWf701rGD4z-eo/edit?usp=sharing

It was a candid conversation and worth a watch or read if you missed it.

PORTFOLIO OPERATING SYSTEM: UPDATE COMING NEXT WEEK

Next week I'll share an overview of our newly built Portfolio Operating System (POS): the framework our team will use to track and manage the portfolio going forward. 
It will cover how we structure our internal operations, the KPIs we monitor at the portfolio level, and how we'll keep you informed of progress.

More broadly, over the coming weeks you can expect to hear from us more frequently as we walk you through the new portfolio management setup we're putting in place. 
We want to ensure everyone has full visibility as the new system comes into place.

AND ON THE PORTFOLIO ITSELF…

The honest picture: across the portfolio, companies are broadly performing in line with expectations for their respective stages. 
We have seen some early dropouts among the younger cohorts, which is normal and accounted for in our portfolio construction approach. 
We also have a handful of companies showing early signs of strong traction. For the teams navigating a more difficult period, we are in contact and monitoring the situation closely, and our inbox remains open across the portfolio.
 
As always, if you have questions before the reports land, don't hesitate to reach out directly.

Best regards,
Marc Jellema

Ask Me Anything (AMA) Session – NXChange Investors | January 22

Dear Investor,

Following up on our earlier message, please find the practical details for the Ask Me Anything (AMA) session.

Date: Thursday, January 22
Time: 15:00–17:00 (CET)
Format: In-person or online

In-person location:
Paul van Vlissingenstraat 10F, 1096 BK Amsterdam (former Startupbootcamp office)

Online:
Google Meet joining info
Video call link: https://meet.google.com/ysn-coce-rtd
Or dial: (NL) +31 20 257 3904 PIN: 192 472 916#
More phone numbers: https://tel.meet/ysn-coce-rtd?pin=3908683953154

This session is intended as an open and transparent conversation on the current situation and the steps ahead, with ample room for your questions.

We look forward to your participation.

Kind regards,
Marc Jellema