A former venture capitalist has raised $1 million for his alcohol reduction startup Nul.
As a co-founder of Talis Capital, Matus Maar led funding rounds for several leading UK tech companies including Darktrace, Onfido and iwoca.
However when the COVID-triggered valuation bubble began to deflate, he found himself drinking every day.
“I lived through over 10 years of a bull run,” he told The Times. “The last really big push was COVID, where suddenly everyone thought they would never step outside their house and everything’s going to be remote forever. Valuations went crazy.
“Companies that used to trade at 10x revenue were suddenly trading at 35x. And at the same time, their profits were going lower and lower because they were building huge infrastructures.
“When the [correction] happened, it wasn’t just mild, it went really, really deep. The IPO window shut. Apart from some very vulture types of transactions, there was no M&A. It was very difficult. There was a lot of pressure from the LPs [who had invested in funds].
“To cope with the stress, I found myself drinking more than I would. I would drink probably every day. While I was definitely high functioning and a lot of people in finance or the City might even find it normal, a lifestyle like that obviously takes a toll.”
Maar, who had previously co-founded Threads Styling – which he exited to Chalhoub Group in 2022 – took the opportunity to go travelling with his family and reset.
He read about the opioid blocker naltrexone, which if taken an hour before drinking limits the feelings of pleasure alcohol generates. And when he returned, he founded Nul in London.
Nul, a fully remote subscription service, combines clinical care and prescription medication, digital treatment pathways and behavioural support.
“Telehealth and online pharmacy platforms have transformed categories like weight loss and mental health, yet alcohol has been left behind despite the scale of the problem,” says Maar.
“Nul is about making evidence-based treatment accessible, discreet and compatible with real life.”
Nul has onboarded more than 120 paying customers since beginning its testing phase last year and already claims to have built an annualised revenue run rate of over £300,000.
The $1m round was led by dmg ventures and BYVP, with participation from angel investors. It will support a full UK commercial launch and prepare the firm for future international expansion, including the US market.
“I want Nul to be a really successful company, but I feel I am a lot more patient now,” Maar told The Times of his decision to stop drinking.
“I understand what it is to build really sustainable growth, rather than being impatient, maybe half hungover and really just going as fast as possible without stopping.”
Nul is also planning a crowdfunding campaign on Republic Europe.