Better Tomorrow Ventures

“And in fund one, we had 50% reserves in fund two, we have actually 60% reserves. So we're reserving more for follow ons.”

“The other is there's a difference between a price taker and a price maker. So like, Oftentimes a founder will say like, this is what I want. And we say, okay, like totally understandable. If you want to work with us, the price is X. And here's a bunch of folks…”

“Number one we led a deal at 12 and a half million. It's now worth 1.2 billion. Number two, our first check was at, it was either eight or ten million and it's now six hundred million. Number three, first investment was at two million. It's now six hundred mill…”

“So so our minimum is actually 10. So we have invested so in fund one, our rough numbers, our average first check was a million bucks, and for about 10% ownership. So we invested on average at a ten million post in fund one.”

“We averaged 10%, and in this fund, we're hoping to average closer to 15.”

“There are three companies that each represent multiple turns on the fund.”

“Particularly second half of last year, all of the series A's in our portfolio, like we were doing them at the price that, you know, we invest that, and then they were getting done at the hundred to 125 range.”

“We actually have companies that have been able to do it, and like, we have a company that went from burning seven million dollars a month at the beginning of this year to probably being free cash flow positive in the next couple months.”

“Yeah, we definitely don't always do our pro rata. I would say we are choosy”

“No, and we have, yeah, in, in some of our best companies, we've grown ownership over time. So yeah, the one that comes to mind, we started it at around 10, and now we have 13. So over time, we've grown.”

“If your strategy is just to do one check, but you have to do some follow-ons, then you end up not Following on to your best companies, you end up following on when you have to, which can be your worst companies.”

“Some of the companies we've invested in Here are actually not serving the local market. So one of them is a company that sells into banks globally. One of them actually sells primarily in India. And then we have a couple that actually none serve just the local…”

“And now, it is actually my preference that companies are in person, but I can't mandate it. I don't mandate it because I think we've seen too many success stories that aren't all in person.”

“My fund zero was fifteen million, then we went to 75, and now we're two 25 total. But we don't want to grow from here.”

“No, we had no anchor. So, so there was fund zero, my fifteen million dollar fund, then fund one, 75, and we had no anchor. In the seventy five million dollar fund.”

“We haven't, but I think it is very hypocritical that all these folks who were anti-Saudi money are now over there just praising everything.”

“In 20, 20, 20, 21, every company we funded, there were five companies just like it. Also with great founders, with great investors. And so what ended up happening is a bunch of capital went into these companies and five companies serving the same customer set.…”

“If you lead the seed round and somebody good is following on, you kind of have to follow on.”

“So we, all of our LPs are 10% or less of our fund, and it makes us feel good now in a market where if any one LP doesn't come into our next fund because, you know, circumstances changed, it doesn't, it's fine for us.”

“And this close that we were supposed to do in March, everyone who had already committed, including people who had signed, backed out.”

“My portfolio company that is working is raising a series A or series B. They don't want to talk to that investor because that investor invested a million dollars in their competitor. That competitor is almost dead anyway, but they're like, fuck them. I'm not g…”

“So ours is, we'll probably have about 10 companies in this We're thinking six to 10, and we're investing a half million in every company.”

“So we're a hundred and fifty million dollar seed fund and a seventy five million dollar opportunity fund.”

“So listen, three of my top five companies were pivots.”

“Raising big rounds makes people like makes people cushy. You end up attracting people with salaries that, like, actually they could have gone into a big company and actually they belong at a big company.”

“You know, now we have three hundred million AUM. We could take two percent, which is six million to run our business. We actually take a much smaller amount and return it to LPs.”