Q&A with Oliver Finch, investor, Maersk Growth
1. First, just give us a quick overview of who you work for, what you do, and how long you have been doing it.
I have been at Maersk Growth, the corporate venture capital (CVC) arm of [Denmark-headquartered shipping group] AP Møller – Mærsk for two years. Prior to this I spent a decade in financial services and alternative investments – and was lucky enough to work with many truly remarkable people in various parts of the globe.
2. What attracted you to CVC?
I have to admit I was attracted to Maersk Growth, rather than CVC in general.
CVC is of course interesting and presents different challenges. As a generalist VC before this role, I was somewhat wary of the constraints or restrictions certain CVC models can create.
Maersk has a very clear vision of how to create a two-way street of value, and how to unlock the best of VC-backed companies and best of Corporate. I am a big believer in “operator” and “conviction” VC models – taking specific, concentrated risks, knowing “your place” and working hard to maximise potential with founders. Within global transport and logistics, the Maersk brand, footprint and customer relationships are meaningful. It is great to bring something different to the table and to leverage that with some amazing management teams and world-class VCs. Moreover, it is energising to work with such a diverse group of colleagues, when VC can sometimes appear surprisingly homogenous.
3. What have been your greatest successes at your unit?
It has been a pleasure to be a part of some great early portfolio success stories – driving further investment rounds and exploring value creation projects in companies like Loadsmart and from our UK investments, ZigZag and Huboo. These firms have all either driven meaningful commercial growth and raised significant further investment to maximise the opportunity at hand. Moving from ideas to structured projects and launching new co-created products and services between Maersk and our investee companies is hugely rewarding.
4. What have been your biggest challenges?
Establishing a presence and a sustainable approach for Maersk Growth. It has taken a bit of work to explain, and to live up to, some of the key differentiators that differentiate Growth from certain CVC models, and to overcome some VC industry or founder perceptions of CVC in general.
Balancing network and knowledge among both external entrepreneurial and internal corporate ecosystems has been a challenge. There is always a valuable exercise in ensuring we are current and clear on our corporate strategy, and then interpreting that constructively within the VC ecosystem.
We – helpfully – benefit from open-minded colleagues at Maersk, who have a long-term view of our industry and customer challenges. They keep us sharp on current and emerging needs. Separately we have built great relationships with some incredible VCs globally, who sense that we can enable “more than sum of the parts” value from collaboration.
5. What is your main professional ambition for the future?
To continue building on our momentum and focus. The team have done a great early job, and continuing to “say what we do, and do what we say” gives entrepreneurs, ecosystem partners and colleagues across Maersk and industry comfort and confidence to work with us.
In a narrower sense, I would love to see some of the incredible early-stage teams we back fulfil their total potential and become truly global businesses – in partnership with Maersk and alongside fellow investors.
6. What do you think all CVCs could do better to make it a stronger industry?
Startup investing is a strategic choice requiring patience and persistence. Ensuring CVCs are equipped with the resources to live up to those long-term commitments seems of vital importance. Linked to that, it seems critical to ensure corporates commit appropriate resources to collaborate and co-create with early-stage companies in an effective way.
7. What are some of your corporate parent’s technology needs and corporate strategy amid the pandemic, as well as your CVC unit’s pain points?
Maersk has done a tremendous job during the pandemic. Supply chain visibility and sustainability – in the broadest sense – will require ongoing and deeper innovation and commitment to deliver industry-changing results. It looks like CVC has a big part in supporting these industry developments, and providing meaningful “on-ramps” for new technologies and models.
8. And, finally, for colour, what did you do prior to CVC or in your spare time?
Immediately prior to CVC, I was a generalist VC in an early-stage fund, building on a longer career in alternative investments. In my spare time I like to be outdoors, and active – or otherwise subjecting friends and family to my experiments in the kitchen.
