Dear Florida Funders Investors,
As the Managing Partners of Florida Funders we would like to share with you an update on what our team is doing to navigate the COVID-19 Virus pandemic and its impact on our community and in fact the World, but specifically how it impacts our portfolio companies and investment strategy in the near term.
Our team is currently working remotely until further notice yet is fully equipped and prepared to support our investors and portfolio companies.
We are continuing to look at prospective investments but are slowing those processes down to ensure we have reserve funds available to provide a greater level of support to our existing portfolio companies. We anticipate some of our portfolio companies requiring additional capital as well as advice on reducing costs and strategies on conserving capital and executing on a transition plan through the challenges of the coming months.
This unforeseeable worldwide event will no doubt have an effect on our portfolio companies, and for some, this may have a severe negative impact. Others, such as remote working technologies, may benefit from this period. Still, others may pivot out of necessity and, by circumstance, capture new opportunities. We are closely monitoring and offering strategic advice for all of our portfolio companies to help them make the most pragmatic and thoughtful decisions. As we all know, a portion of early-stage technology companies will fail, even when the economy is booming, while others are born and thrive from such periods. We are confident that our actions will help to support a number of our portfolio companies persevere through this and create opportunities for strong returns throughout the coming years.
We remain bullish on this asset class in the long run and still plan on raising Impact Fund II as we emerge from this crisis. We believe Florida Funders will have an unprecedented opportunity to invest in the strongest and most innovative early-stage companies at attractive valuations.
We understand that these are very challenging times for all of us in the Florida Funders community, and stand ready to answer any of your questions regarding current and prospective investments. Like all things, we believe this crisis shall pass too. We also believe that by maintaining a disciplined approach to investment strategies and asset allocation creates the best return profile over the long run.
Be safe and try to make the best of this situation by spending time with your family and friends and enjoying the simple things in life.