Bedrock Capital
also referred to as: bedrock
includes Bedrock Capital Fund II, Bedrock Three
28 statements across 5 episodes · 12 bullish · 1 bearish · 2 people on the record · first statement Jul 10, 2020 by Harry Stebbings · said 78 times in 13 episodes since 2019 · across every show →
Mentions by year, the whole family
brought up most by Geoff Lewis (41), Harry Stebbings (37)
tap a year for its mentions
2024 4 mentions in 2 episodes 2 per episode
- Jason Lemkin: Predictions for 2024 - What Does a Trump Administration do for Startups? | E1099 · 20VC with Harry Stebbings
- 20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When to Pay Up vs When to Stay Disciplined, The Biggest Lessons on Price Discipline from 8 of the World's Best Investors
- every mention in 2024, scene by scene →
2022 58 mentions in 3 episodes 19 per episode
- 20VC: Bedrock's Geoff Lewis on Whether VCs Actually Provide Value or Not, Why Bedrock Does Not Have An Ownership Focus and The Difference Between Principles and Rules When Building a Firm or Company
- Geoff Lewis: Why I Put $200M into Rippling; Uncapped Notes; "Compound Startups" | 20VC #933 · 20VC with Harry Stebbings
- 20VC: 13 of the Great Investing Minds on When to Pay Up vs When To Remain Disciplined and Walk Because the Price is too High: The Ultimate Guide to Price Sensitivity
- every mention in 2022, scene by scene →
2021 4 mentions in 2 episodes 2 per episode
- 20VC: Rippling's Parker Conrad on Why The VC/Founder Marriage Analogy is Weird, Why The Notion of Focus, Focus, Focus is Overrated, Why Narrow Point Solutions Are Not Best in Class Products & The Rise of the "Compound Startup"
- 20VC: Nubank CEO David Velez on Scaling Nubank to a $25BN Company, Why What Makes a Great Founder Does Not Make a Great CEO & The Responsibility Framework and How Leaders Can Use It To Drive Efficiency
- every mention in 2021, scene by scene →
2020 7 mentions in 4 episodes 2 per episode
- 20VC: The Future of Subscription Media, Why Startups Need To Stop Blaming Facebook and Google & How Founders Should Think Through Customer Acquisition Channel Dependencies with Alex Mather, Founder & CEO @ The Athletic
- 20VC: Zach Weinberg on Whether A Company is a Democracy, The Importance of Ownership, The Rise of Pre-Emptive Rounds, Multi-Stage Funds Entering Seed and How he Approaches Both Risk and Personal Capital Allocation
- 20VC: What Is Founder Narrative Fit and How to Detect and Invest In It, How To Avoid Consensus Thinking When Investing, Price Sensititivity; When To Pay Up vs Stay Disciplined & From New York Times To General Catalyst; Why Venture and Journalism are Not S
- 20VC: Lambda School Founder, Austen Allred on How To Assess Your Relationship To Risk and Money, Why San Francisco Is A Case Study For The Greatest Squandering of Wealth in History & Why Complexity Increases Exponentially with Scale
- every mention in 2020, scene by scene →
2019 5 mentions in 2 episodes 3 per episode
- 20VC: Lambda School Founder, Austen Allred on Why Unemployment Is An Optimisation Problem That Will Be Solved Over The Next 20 Years, Why The Speed and Quality of Decisions Are Not Mutually Exclusive & The 1 Question All Founders Must Ask Themselves Befor
- 20VC: Cameo's Steven Galanis on Why You Must Fall In Love With Your Mission Not Your Product, How To Extract As Much Value From Your Investor Base As Possible & Should You Really Hire For 6 Months Ahead of What You Need?
- every mention in 2019, scene by scene →
Everything said about Bedrock Capital, oldest first
Jul 10, 2020
Feb 14, 2022 positive
Feb 14, 2022 neutral
Feb 14, 2022 positive
Feb 14, 2022 positive
Geoff Lewis: Bedrock's primary ethos is investing in narrative violations
“Our guiding ethos, our principle at bedrock from day zero was we want to search for narrative violations. We want to search for companies that for whatever reason are being overlooked or underestimated by other investors where we can get in at a counter narrat…”
Feb 14, 2022 neutral
Geoff Lewis: Bedrock's best-performing deals started with low initial ownership
“For me, the companies where I've done the best, and wherever I look, you know, retrospectively to our bedrock track record, our pre-bedrock track record, the ownership percentages were actually quite low, and so you basically, for me, it's operating the world,…”
Feb 14, 2022 positive
Feb 14, 2022
Feb 14, 2022 positive
Geoff Lewis: Bedrock evaluates candidates for over 18 months before hiring
“Eric and I knew each other for, you know, eight or nine years before we started Bedrock together. We got to know Spencer for well over 18 months before we actually hired him onto the Bedrock team, and that story is true of basically Basically everyone we've hi…”
Feb 14, 2022 negative
Geoff Lewis: Building an unfun corporate machine is a VC failure mode
“I'd say the one that we are most paranoid about avoiding is building a machine that's not actually fun to operate. And so I think there are like lots of firms that have built really impressive machines. And then if I was to transpose myself into being the mana…”
Feb 14, 2022 neutral
Feb 14, 2022
Geoff Lewis: Bedrock never uses follow-on rounds or markups as validation
“I don't care about what other firms are doing and where other firms are pricing things like, sure. It's nice to get markups, But ultimately, I never want to use follow on financing rounds. It's like validation that a company is working. It's always about the a…”
Feb 14, 2022 bullish
Geoff Lewis: Bedrock invested in Praxis to build a crypto city-state
“I think the most recent publicly announced one was Praxis, which is they're trying to build a new crypto city-state. I'd gotten to know those founders for several years before we invested in the seed round, and I'm just very excited by the vision around innova…”
Feb 14, 2022
Feb 14, 2022 neutral
Feb 14, 2022 bullish
Aug 12, 2022 bullish
Lewis: Pay up for transcendent startups at 300x ARR or invest zero
“The difference between a hundred X AR multiple and a 150 X AR multiple. The reality is those are both insane. And so you have to have extremely high conviction and to have done your diligence and really believe this set of entrepreneurs Entrepreneurs, this com…”
Oct 5, 2022 bullish
Oct 5, 2022 neutral
Oct 5, 2022 bullish
Oct 5, 2022 bullish
Oct 5, 2022
Bedrock accumulated Rippling secondary shares leading up to catalyzing its Series D
“And after that screw up, we opportunistically bought secondary. Predominantly preferred secondary, because part of our thesis is this is going to be a relatively small preferred stack for the scale of the company that they're building at several junctures, and…”
Oct 5, 2022
Lewis: Bedrock lost Rippling's Series B after trying to lower agreed valuation
“We agreed on evaluation with Parker. He's like, send me the term sheet. I'm ready to sign. And we were like, wait, Like all of their business at the time was SMBs. Now, since then they've extended, expanded surface area phenomenally into mid-market. They're st…”
Oct 5, 2022 bullish
Oct 5, 2022
Oct 5, 2022
Oct 5, 2022
Lewis: Bedrock underwrites for a 10x return without projecting beyond that
“First question always, is there a 10 X from here? Can we gain conviction through a bust analysis that if things go right, there is a 10 X from here? So that's our work. We don't try to project beyond that, but we do always ask the question, is there a 10 X fro…”
Feb 9, 2024
Lewis: Pay 300x ARR with extreme conviction, or invest zero
“And so you have to have extremely high conviction and to have done your diligence and really believe this set of entrepreneurs, this company is going to transcend. And if you feel that way, I would go for it at 300 versus 200. If you don't, I would do zero.”