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Interview with Jeb Spencer, TVC Capital

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Around the 2006 timeframe, they hit $3M, and we saw the unique position that they could occupy in the industry. If we're up against a Kleiner Perkins term sheet, or a Draper Fisher Jurvetson term sheet, the company is going to go with the big name, even if our valuation is higher. We raised our fund in 2006 to follow this exact model.

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