Having spent nearly two decades at Beringea, Karen McCormick has been at the heart of the ProVen VCTs’ growth and evolution. In the final interview of our 25th anniversary series, Beringea’s Chief Investment Officer looks back at how venture capital has changed, the stories that have stayed with her, and why she believes the next chapter is full of opportunity.

You’ve been at Beringea for nearly two decades - when you think back to your early days working on the ProVen VCTs, what stands out most in your memory?

When I joined Beringea, we had around £120m under management across our UK and US funds, and the UK venture capital community was small enough to fit into a couple of conference rooms. A £2m investment round was considered significant for a growing business, and raising capital was far more difficult and much less common than it is today.

What has changed most is the scale and ambition of the ecosystem. First, pools of funding and talent have scaled dramatically. The UK is now home to specialist funds at every stage of growth supporting a sophisticated start-up and scale-up market that leverages a wealth of expertise from experienced operators. As a result, companies are far more ambitious: they no longer think about starting locally and expanding slowly - they think globally from day one.

The role of entrepreneurship in the economy has shifted too. Twenty years ago, most founders came from industry, having spotted a problem and built a solution. It was driven by practicality rather than profile. Today, entrepreneurship is a career path in its own right. Some of the brightest graduates now choose to build companies rather than join large corporates, and that has raised the level of ambition across the board.

Having seen so much of the ProVen VCTs’ journey, what would you say has changed the most over the years, and what has stayed true throughout?

What has stayed constant is our discipline: we have focused on backing companies that have shown early commercial traction, revenues are growing with the potential to accelerate, and profitability is on the horizon. We have occasionally invested slightly earlier or later, but our focus on what we call ‘early growth’ capital has remained consistent.

The market around us, however, has completely transformed. When I think back to 2007, before the global financial crisis, the venture capital ecosystem in the UK was quiet and relatively small. Most opportunities came through a close network of advisers, introducers, and angels. There were only a few dozen institutional funds at the time.

Today, the UK’s venture capital market is far more competitive. There are more start-ups than ever, and a far greater supply of capital. The strongest companies often choose their investors, not the other way around. Our focus on companies with proven commercial progress and sound fundamentals means we are investing in businesses that are ready to scale responsibly, and that long-term mindset still resonates with ambitious founders.

International growth has also changed dramatically. Fifteen years ago, we often advised founders to delay US expansion because it required significant upfront investment and hiring. Now, thanks to online sales channels and more flexible ways of testing new regions, businesses can test and grow internationally without building teams on the ground immediately. As a result, our portfolio companies are becoming global far earlier in their journeys.

You’ve worked closely with founders and portfolio companies across different stages and sectors. What do you think the very best entrepreneurs all have in common?

If there were a perfect founder profile, venture capital would be a much simpler industry. The truth is that great founders come in many forms, but there are qualities that appear again and again.

The best founders combine belief with practicality. They have enough conviction to start something that most people would consider too ambitious, but they also keep their feet on the ground. They are great storytellers who can communicate a vision and bring people with them - customers, investors, partners and teams.

But belief and storytelling only matter if they are matched with delivery. Lots of people have good ideas, but very few can turn them into scalable businesses. The founders who succeed are incredibly focused, learn fast and adapt quickly when plans change - which they always do. A business plan is never a guarantee; it is a starting point. The best founders treat change as part of the job.

Without asking you to pick favourites (!), is there a portfolio journey that you feel especially proud to have been part of?

It’s impossible to pick favourites because every business has its own defining moments. Looking back at our successful exits, a few stories stay with me. I remember Monica and Gabriela Vinader switching to rapid Spanish in board meetings to align on a point before switching back to English with a smile. And I once sat in the living room of my one-bed flat with Greg Isbister from Blis, finishing a pitch deck ahead of a funding meeting.

At Chess Dynamics, I watched an early demonstration of a 360-degree helmet display used inside armoured vehicles long before virtual reality became mainstream. At Watchfinder, Stuart Hennell could describe customer behaviour so accurately from instinct that data analysts later used his thinking to build their models. And thanks to Eagle Rock Entertainment, I once found myself at the Ivor Novello Awards sitting a few tables from Adele and Ed Sheeran.

And I still feel struck by the stories throughout the current portfolio. Luxury Promise hit an early milestone when it achieved its first £250,000 in a single live shopping hour. Asterra uses satellite technology to detect underground water leaks, which once sounded like science fiction but now prevents major infrastructure loss. And Moonshot delivered one of the most powerful moments of my career when the team revealed they had uncovered a child abuse perpetrator not yet identified by major authorities. Their work helped save a child. That goes far beyond financial return - that is impact.

What do you think distinguishes Beringea’s approach to supporting portfolio companies?

Ultimately, partnerships are built on people. Founders don’t choose a brand; they choose individuals they trust to stand alongside them. Beringea has invested through multiple economic cycles spanning more than 30 years, and that experience has shaped how we support companies through both growth and challenge.

You see that in the moments that matter. During the Covid pandemic, we organised regular CEO huddles so founders could share ideas, solutions and support. When Silicon Valley Bank collapsed, we designed a short-term funding option within days to ensure none of our portfolio companies would be left exposed. In the end, it wasn’t needed, but founders knew we were ready to act.

Beyond capital, we offer practical support: our Scale-Up Academy, commercial introductions, access to experienced board members and senior operators, and connections to later-stage investors. But I think the single biggest difference is consistency. When a founder calls us, we answer.

Venture isn’t always a straight line. What have you learned from the times when things didn’t go to plan?

The most important lesson is to move early when something isn’t working. I have never heard a founder say they regret acting too quickly, but I have seen many wish they had taken action sooner.

When conditions change, companies that act quickly to protect cash and refocus their strategy give themselves the chance to recover. That doesn’t mean losing confidence; it means staying disciplined so you can grow again when the time is right. Cash gives you time and options.

Looking ahead, where do you see the most exciting opportunities in the next chapter - for founders, and for the ProVen VCTs?

We are entering one of the most exciting periods for entrepreneurship. More people than ever are choosing to build companies, and technology continues to enable new solutions to real-world problems.

For the ProVen VCTs, our strategy remains consistent. We back growing companies with real products, real customers and strong potential for scale. Technology trends come and go -artificial intelligence, defence innovation, financial technology - but strong fundamentals never go out of fashion.

We invest at a stage where companies are moving from proving a model to scaling it. That is where value is built. We’ve been doing that for more than three decades, and we plan to keep doing it with the same discipline for the decades ahead.

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