Both Sides of the Table
SEPTEMBER 15, 2022
Across more than 10 years we have kept the size of our Seed investments between $2–3.5 million, our Seed Funds mostly between $200–300 million and have delivered median ownerships of ~20% from the first check we write into a startup. By 2021 we had to write a $3.5m How Does the Industry Really Work?
Both Sides of the Table
OCTOBER 17, 2019
We not only have our Series A funds that can write $500k?—?$15 15 million first checks but we also have three growth funds. If you invest early and then pull back in the next 3 rounds your multiples on cash invested are much higher than if you keep writing checks. Defensible IP becomes insanely valuable?—?particularly
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Both Sides of the Table
OCTOBER 30, 2014
It’s true the some VCs have started writing so many checks that they resemble stock pickers but the majority of us still have less than 10 board seats at any time and tend to go pretty deep so the result is that we care deeply about where we commit our time. We hired IP specialists to review prior art.
Both Sides of the Table
JULY 7, 2015
I save room in literally every deal to invite angels (or seed funds) to co-invest with me. Even if one disagrees with the premise, why would anyone feel the need to attack Mike for writing it? With strong leads (VCs, seed funds or large angels) there is an unwritten Pottery Barn Rule. This is a hard one.
Both Sides of the Table
FEBRUARY 23, 2015
” It was meant both as a call to those writing angel checks into other people’s companies that they ought to think about putting that capital toward themselves either by becoming a startup founder or (and this was my real point) by taking an under-market salary in a company where they can learn the right skills to do it in the future.
Both Sides of the Table
JUNE 5, 2015
In the old days there usually weren’t convertible notes on early-stage deals and there weren’t party rounds with 20 angels or 6 seed funds. Of course investors care about controls (board, protective provisions, IP assignments, non-solicitation) but these are all pretty standard. It’s very simple.
Both Sides of the Table
SEPTEMBER 28, 2014
So money spent should add equity value or create IP that eventually will. If you have raised a limited amount of money from angels, accelerators or seed funds be very careful about having a high burn rate. I am not suggesting these are bad sources of capital – they are not.
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