Eva Shang
San Francisco, California, United States
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Legalist Inc.
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Jeff McDermott
https://lnkd.in/gHqkAM8h Startup Studio portfolio VC fund. $8.5 mil. with room to oversubscribe. All deals warehoused and ready to allocate. Built in equity on day 1. Low 1 time management fee. $35k minimum investment. 506c offering, accredited investors only. GP's are personally invested. Multi tiered exit strategy in place. Liquidity options built in. *** This presentation of Sidecar Portfolio Fund (the “Company”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.***
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Daniel Ingevaldson
Ross Haleliuk posted the fantastic article below. This is the world where I live day-to-day. At TechOperators, we invest mostly in early-stage cyber, but we do things a little differently, and we believe there are ways to invest successfully outside of pure Power Law math. The article argues that many security problems are too small for VC. I agree. I often try to convince bootstrapped founders not to raise venture because doing so can turn a successful, slow-growing bootstrapped company into a failed venture-backed company because, despite a large infusion of capital, it couldn't double every year. VC is not monolithic--not by stage, strategy, or style. Venture is often equated with "Tier 1 Venture". Ross argues that VC is not always great for early-stage cyber--and he is right. Bootstrapping AND VC work when incentives are aligned. Does it work for an early-stage VC with a <$200M fund to invest in several early companies at reasonable valuations, setting up the conditions for reasonable exits that pay off for both investors and founders? Yes. Does it work for $800M funds investing in seed stage at $100M+ valuations? Well, that depends! Power law says it does (for VC), but the unfortunate externality is that these rounds destroy companies and founder equity more often than not. There is a role for patient capital in this ecosystem to fuel successful companies that retain exit optionality as they scale--driving exit value for both founders and investors.
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Johnny Ayers
Do you know how many hyper-growth public software companies are growing by over 40% this year? According to the latest June Guggenheim report… Zero. Not a single public SaaS company is growing over 40%. Do you know how many are growing their next twelve months (NTM) revenue over 30%? Also, zero! With that context, I was strategizing with my team on the most impactful ways companies can change their growth trajectory, and one thing we landed on solving immediately was time to integrate. If a company growing at 30% can pull in all net new integrations and thus revenue by just 1 month over the course of the year, it can increase its growth rate by almost 5%. For simplicity, assuming a $100M annual revenue, a 10% discount rate, and a 5-year valuation period, using a DCF, the company’s present value would not be 5% more valuable, but closer to 20% more valuable for all shareholders. The power of compounded growth rates. Game changer, and with just the smallest adjustments. That’s why smart companies are investing heavily in new customer onboarding and no-code, low-code technologies, like lightweight agents, hosted or embedded UIs, and more. The Socure team is ahead of the curve—ask our people about what we’re building and how we can help you accelerate your revenue growth.
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Jonathan Hakakian
Interesting concept to rename rounds by milestones. But "Series Client Expansion Extension" just doesn't have the same ring to it 😋 . Maybe we can start incorporating it into a descriptor to add context, "Series Seed Extension: client expansion." #startups #venturecapital
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Nicole DeTommaso
Finding funds that 𝑡𝑟𝑢𝑙𝑦 invest in pre-seed is hard. Here's a list of some I know do A LOT of pre-seed (adding more as they come in): Hustle Fund Gaingels Amplify.LA Wonder Ventures Precursor Ventures Dorm Room Fund Plug and Play Tech Center Unshackled Ventures Everywhere Ventures Symphonic Capital Alpaca VC Deciens Capital Pear VC Afore Capital The Council GoAhead Ventures Barrel Ventures Enzo Ventures Redbud VC Next Wave NYC f7 Ventures Recall Capital Launch Factory Kiplin Capital Better Tomorrow Ventures Incisive Ventures Boost VC What are others? #venturecapital #startup #founder
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303 Comments -
JT Benton
Often when folks talk about subject matter expertise, they’re referring to a vertical knowledge set or experience. Someone might be an expert in the mortgage industry, or a thought leader in the financial planning vertical market. Often, you’ll see serial entrepreneurs launch and operate a series of ventures in a single vertical. It’s been my experience that there’s every bit as much power and opportunity when one develops a horizontal expertise. These people can travel across markets and deploy their skills in more diverse settings. The same is true for #VentureStudios. Some organize themselves inside of vertical environments, but others are more horizontally focused. Studios from the latter group will partner with vertical experts and empower them to operate in their natural habitat. There’s nothing right or wrong with either approach, but I will say I have personally enjoyed the horizontal approach in my career. It allows for a broader set of opportunities to deploy my curiosity. I’m always learning, and it’s fun to develop little heuristics and hacks that can travel.
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Mike Krenn
An interesting article below, that demonstrates out how San Diego is punching above its weight. And how Connect's strategy and execution over time, contintues to be central to that success. The article describes the current state of the market in Seattle. (And i love Seattle.) It's a market that we tend to track with relative to venture fundings. They used to kick our butts, we outraised them each of the last three years. This despite the fact they have 3x as many funds there, and 9x the amount of resident capital there. (per pitchbook) Some key takeaways: * They continue to compare themselves to SIlicon Valley. Instead, we leverage our proximity. *They whine there's not enough local investors (see note above - they have more than us). We bring over 200 VCs to SD annually! * They say founders are not connected with one another. We bring CEOs together regularly, in a variety of ways - private dinners and through our Springboard program. * They say they need to elevate their image on a national & international stage. Why we created and continue to build Five.Ten.Thirty (aka Inno Day). * And the last paragraph - they need to concentrate on making their region a great place to live. Our mantra: "It's about Better, not Bigger." (See XEO, TL Fund). THANK YOU FOR ALL OF YOUR SUPPORT. WE ARE ON A MISSION TOGETHER!!! (Comments, whining, suggestions on SD always welcome.) https://lnkd.in/g6Rq_f2Y
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Liz Walsh
⛳ Emerging fund managers pulse check. PitchBook tracks over 10,000 funds that are raising money, with 45% being emerging fund managers (defined as firms with less than 3 funds). Despite a dip in available capital—down to 16% from the pre-pandemic 23%—these managers are finding creative ways to stay competitive, like partnering with larger firms. 💼 Joanna Drake (founder turned investor) shared how "wildly different" it is raising a fund versus for a startup. One key datapoint she shared on the fund side was how little feedback you get along the way (and the years you can wait for it). The “long-winded and challenging process to raise capital” inspired Drake and Ben Black to create RAISE Global, a community for emerging fund managers and the “forward-thinking LPs” who back them. (A decade later, several hundred emerging managers with AUM under $200m are on the platform) They've found the newest emerging managers are more diverse and geographically dispersed than Silicon valley, and more were able to crack the ceiling and raise larger $100m funds (although this is still a small % of the market, requiring partnership with larger funds at the late stage). ▶ And not a hugely surprising datapoint: A lot of action is in the sub $49 million range, where roughly 50% of emerging managers are raising. Theresa Sorrentino Hajer, Head of U.S. venture capital research at Cambridge Associates warns that past success isn't actually a strong indicator on it's own to assess emerging managers. We've had a valuation reset. And newer managers with investments during the 2019-2021 "party days", need to build relevant track record and play to their strengths. A lot of emerging managers are specializing (70% who applied for Raise had a thematic focus), and betting on getting in as early as possible in the startup's lifecycle (Raise: 31% at accelerator/ pre-seed stages, and 47% at seed stage). “Emerging managers have to compete on a different dimension,” Nick Moran from New Stack Ventures. You're no longer just dealing with capital. Emerging VC's need to be as innovative and nimble as the startups they invest in, having a unique thesis and insights. They also play a role at the top of the deal-flow funnel: helping larger firms find promising companies, so finding a thesis, sector or philosophy aligned partner at a larger firm is helpful. Onwards! #EmergingManager #Startups #VC
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Rebecca Lynn
What is the #1 GTM strategy you share with your startup founders? Following on from yesterday https://bit.ly/3UmS7Hp, this is another question I always field as an investor in digital health and fintech. At Canvas Ventures, we work with early-growth companies that have found their product-market fit and are ready to scale. I often advise my founders on making time–every single week–to talk to current and potential customers. Listening to your customers is the single most important thing a startup founder can do to grow a company. Let’s break that down: • Be curious and humble about who your user actually is; my guess is it’s not you. A bright red flag for me is when a founder starts talking about themselves or their wife or their kid. I'm like y'all aren't the target market. What does resonate is when they start showing me how the actual consumer who found the product is using it. Then, when I talk to the person using that product, we find out why. Oftentimes it's very different than even what the entrepreneur thought when they were first developing it. • Engage key opinion leaders in your vertical. I encourage my CEOs to create small advisory groups of key opinion leaders. Take them out to a really nice dinner, show them what you’re planning and thinking about, encourage them to debate it and pick it apart. They get invested in your success. • Meet them where they are. When Doximity's CEO, Jeff Tangney, noticed doctors were still relying on fax machines, his team embraced it. They could have fought against it and designed a product that was super technologically forward. But they said, Wow the user wants fax and we need to meet the user where they're at. That insight certainly didn’t slow down their technological progress. They ended up having one of the best AI teams in our portfolio. AND they built incredible trust with their community. I talked a lot more about this on Grace Gong's incredible Smart Venture Podcast. https://bit.ly/49Pgge6 I’d love to hear what other questions you think might be interesting to share insights on! #StartupAdvice #VentureCapital #FounderInsights #GTM
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Tim Suzman
Let the wave begin! Pioneer Fund company Recall.ai *grew their revenue 10x* in the past year, has 300 enterprise customers, and just raised a $10M Series A led by Ridge Ventures. David Gu and Amanda Zhu dropped out of college at age 19 to start the company. They've grown it exponentially with a tiny team. They make it easy to build meeting bots that are cross-platform. They're aggregating all these different APIs into one unified API, the way Twilio did with cell phones. At first it "sounds" easy to build a meeting bot -- just integrate with the Zoom API. But in fact there's a huge long tail of things you need to build, security and privacy pitfalls, automations, transcription complexities, integrations, the calendar invites where someone is using Google Meet or Teams, staying up-to-date with the libraries, etc etc. Recall takes care of all of that. It's WAY easier to build on top of Recall.ai and focus on the features that make you unique. Congratulations to the Recall team!
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Jim Forster
During yesterday's LibreQoS APNIC webinar, I posed the question: won't more bandwidth solve these problems? As Herbert Wolverson said, yes, more bandwidth is good, but, still these problems remain if queueing is done incorrectly. Here's my take on why bandwidth alone is not as good as bandwidth + good queueing policies: Generally it was believed that 'data is important, so don't throw it away; hang on to it and send it later'. In practice, this has proven to be suboptimal as two issues may emerge: 1) latency increases for some flows due to heavy demand from other flows using the same bottleneck link, 2) even a single flow can have excessive latency due to aspects of typical TCP behavior (referred to bufferbloat) when the buffers grew large enough that the data being buffered was retransmitted anyway. It turns out that not all data is equally important. Active Queue Management is the art of deciding priorities, both in deciding what data to throw away, but also in allowing some later arriving data to be transmitted ahead of data in another connection that arrived before it. These problems have been studied, and good solutions have been found by using certain queueing policies in routers and switches, referred to as “fq_codel’ and “cake”. These track the different flows not by classifying the data, but by watching the behavior. Flows that send relatively little data (DNS lookups), or at a measured pace (video chat) have priority over flows that send a lot of data as quickly as possible (App and System updates, Video and ISO downloads).
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Matt Turck
How to pitch: The company has zero traction —> “We’re early” You only have 2 customers —> “We’re working with design partners” You currently have no revenue but hoping some pipeline finally closes —> “we’re on track to exit this year at $3M ARR” You’re in the natural kill zone of a FAANG —> “We view them as partners rather than competitors” There’s no way the tech can actually work —>“We’re manifesting the future” And of course: One of your developers uses Co-Pilot to write some front end code —> “We’re an AI company”
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Salem Bagami
Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall
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Marc Cohen
My first ever Waymo, courtesy of a fund I met. I rarely make such a bad impression that they'll pay to get rid of me. Full marks for creativity! I love tech so much - this is one of the highlights of my San Francisco trip. #founders #startups #venturecapital #buildinginpublic #investinginpublic More at unbundled dot vc.
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Jason M. Lemkin
ICYMI I did what I think is a pretty useful super deep-dive on "Getting VC Funded in 2024" here: What it really takes to raise venture capital today, in 2024 - Stress in System - Why Everyone Seems to be Chasing AI - Where the Decacorns Are - Databricks and Canva - What a "Fund Returner" is in Venture Capital - How a $2B and a $100m VC Fund Make Money - What a Top Decile Startup Looks Like and Much More!! https://lnkd.in/gQWEGrGD
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Stella Garber
🚀 It’s a big day at Hoop! We’re excited to share we’ve raised $5m led by Index Ventures with participation from Origin Ventures, Chingona Ventures, Divergent Capital, and an inspiring group of angel investors. Two years ago, Justin, Brian, and I got together and started brainstorming. We had worked together as early executives at Trello for 7.5 years! We wanted to recreate the magic of the early days of Trello and respond to the epidemic of distraction we were seeing in the workplace. When I left Atlassian, I was in back-to-back meetings most days. Slack was constantly buzzing. My whole day was spent going between apps and praying I wouldn’t miss something important. I would wake up in the middle of the night remembering that DM I forgot to respond to. In an age of AI, this kind of mental fatigue across tools drains humans of our energy to do the work that really matters: the focused and creative work that comes when we can feel secure that we’re on top of all important work. Hoop is the product I wish I had. It connects to Zoom, Google Meet, Slack and email and automatically captures tasks for me using AI. It then centralizes everything in one spot so I never miss a task. Our vision is to rethink task management with an AI first principles mindset. There’s so much we can do now that we couldn’t have imagined back when we were building Trello. It’s an exciting time to be building in the space, and we’ve got a world class team taking on this challenge. Now’s the time to try Hoop out and let us know what you think! We couldn’t be more grateful for all the amazing support from our community, investors, and friends. Let’s go team! 👏🏼 Special thanks to our investors for all their belief and support - Damir Becirovic Neil Rimer Katie Shea Samara Mejia Hernandez Jason Heltzer Andy Dunn Wade Foster Linda Lian Michael Pryor Kristen Habacht Elizabeth Hall Barry Clark Nikita Miller Mihika Kapoor Jiaona Zhang (JZ) Maggie Adhami-Boynton Sonia Sahney Nagar Sean Harper Darren Murph Mike Arauz Job van der Voort Annie Duke Jay Simons Maria Christopoulos Katris Ezra Galston Sheel Mohnot Ilya Fushman #futureofwork #ai #startups #fundraising
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Phoenix Normand
Coach P's Corner: On Business Integrity I remember when SVB started. Yep, I'm that old. It was an SV darling for decades until, like most SV institutions, it got complacent at scale. We all know they folded, received a bailout, and are now tucked under a "savior" financial institution. What I can't stomach is the tone deaf "look at us...we're 40!" charade in this ad. You can't tout legacy this brazenly when, truthfully, you're an infant again. Plus, would you really want to? This would be the perfect opportunity to make a fresh new start on the back of a mea culpa. Instead, they've gone the ultimate ***** route of disabling comments. Hmmm. Funny thing is, just a few days ago, a fellow startup owner and I were discussing potential banks to go to. I actually suggested SVB and she looked at me like I was absolutely insane. I explained that I'd seen SVB grow from inception all the way up to bailout. I'm also a big believer that once you F up, quite publicly, and are given another chance, you typically triple down on doing EVERYTHING correctly. To me, SVB is probably (now) the safest place to put your money because that was quite the "L" to take on the socials and among their peers and still manage to stay afloat. But INTEGRITY still reigns supreme in business. Something as simple as disabling comments, knee jerk, feels like you haven't learned your lesson and are hiding from criticism you actually deserve...especially where you're touting 4 decades of legacy. This whole ad is a weird melange of actually great work for a number of decades, terrible financial mismanagement for a handful of those leading to closure, a government bailout inciting some serious side-eye, leaning on legacy when you're no longer "that" bank, and disabling comments because you fear the backlash in these streets. Keep in mind, SVB used to be "THE bank" for startups. 95% of the startups that I worked for in my 30+ years in SV banked with SVB. TL;DR: You can't have your cake and eat it, too. We already know what's under all this fondant. Just own it, take your lumps, and flip the script. Failure, more than ever, is seen as an opportunity to start fresh. People forgive (and forget) in lightspeed IF you offer a mea culpa, allow them to vent, and you move forward with conspicuous integrity. Go this route enough times and you'll be hoisted onto "the pile of no return." This isn't a hit piece. I still believe, more than ever, that SVB could be my bank of choice once my new business starts making real money. I'm 100% confident that they are likely the safest place to bank, NOW more than ever, since they got a second chance at life. I know their past. And it was a good one...until it wasn't. But, this ad is the only thing that makes me squint, especially the simple yet shady CHOICE to disable comments. You may have lost me and countless others in-the-know with that move. Take your lumps. And fire whomever created this ad campaign AND the person who disabled the comments.
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Kjael Skaalerud
The #1 Factor to Determine Max Valuation in Micro SaaS...is debt financing. Here's why, plus a free valuation calculator... Most buyers in the $500,000 to $2 million valuation range use SBA loans, which come with specific requirements. The SBA requires a Debt Service Coverage Ratio (DSCR) of 1.25, meaning the company needs $1.25 of income for every $1 of debt payments. In simpler terms, the key question is: Can the business afford itself? Does the Micro SaaS firm generate enough income to cover the loan needed to buy the business? As the valuation rises, so do the loan and debt payments. At some point, the valuation requires a loan that breaks the DSCR requirements. The upper limit of a Micro SaaS valuation is ultimately determined by the maximum loan a buyer can secure based on the company's income. Here's a simple calculator to illustrate this concept, helping us all determine valuation more accurately based on the real world 👇 #microsaas #acquisitionentrepreneur #saasgrowth
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Ian Bergman
🎧 Just dropped a must-listen episode of AlchemistX Innovators Inside! Joined by Logan Burchett, co-founder at Forecastr, we dig into just why financial modeling is so important for startups. Logan shares Forecastr's creation story, from idea to funding, and some choice comments along the way! 🔑 Highlights: ● Overcoming challenges with traditional financial tools ● Key strategies for early-stage funding and growth ● The critical role of financial models for startups 👉 Dive in for insights on navigating startup risks and seizing opportunities. https://lnkd.in/gr8HjQSs #StartupGrowth #FinancialPlanning #EntrepreneurLife #Forecastr
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