FJ Labs

“At this point we've backed 209 startups, which means we've backed Like, 500 entrepreneurs or so.”

“We don't, we typically don't lead the rands, and so we don't typically price them.”

“We spend most of our time helping startups with, because it's also where we can have the most value add with the least amount of work that we need to do, because it's all about like relationship, but also talking about experiences that we face time and time ag…”

“Over the years, I've invested, as I said, around the 210 startups. We've actually made money in over 50% of the exits. On average today, we've done about seven acts and over 70 or 80% of IRR.”

“Check sizes vary, but on average it's about 200 K at seed 300 K at the A, 500 K at the B, and then one to five million in the later stages.”

“But the main VCs that we work with are investor venture partners General Catalyst Andreessen Horowitz we work with Redpoint and We work with the end capital in Europe, and those would be the ones we spend, that we share the most deals with”

“So because the number of startups that was created tripled from 5000 to 15,000, we tripled the number of deals we did from a hundred to 300, essentially. And so I've had to divide my check sizes by three to not run out of money.”

“Every document that was ever sent to me, legal document that was sent to me, SPA, anything like company selling, et cetera, I auto-signed, or actually my virtual assistant in the Philippines who had my signature would auto-sign for me all the docs that I never…”

“Where I'm most excited about opportunities to deploy a lot of capital at good prices in the coming 12 months, yes, it is the B and beyond, or C and beyond, because I think we're going to see major repricing.”

“And instead of one hour meeting today, we have 2:01 hour meetings. So usually the inbound deals that we get about 200 a week, they go to someone else first and the team reviews takes the first call and I take the second call. So we went from one hour decision …”

“I mean, last year we didn't do a single deal C and beyond, just because prices were too high.”

“Where I'm most excited about opportunities to deploy a lot of capital at good prices in the coming 12 months. Yes, it is the B and beyond or C and beyond, because I think we're going to see major repricing”

“In the last 24 years, and I've realized I are 45% a year. And then in the unrealized, we have like 650 companies or so, it's like also 45% implied IRR.”

“I mean, last year we didn't do a single deal C and beyond, just because prices are too high.”

“Today, in my probabilistic terms, I say there's a 20% scenario that we, probability that we end up with a optimistic outcome from where we are, and I can explain why. Maybe a 60% scenario of, like, what I call the great stagnation and another 20% scenario of, …”

“Inbound deals that we get about 200 a week, they go to someone else first, and the team reviews, takes the first call, and I take the second call, so we went from one hour decision-making process to two Two one-hour meeting decision-making process over the cou…”

“A year ago, I wrote a piece called Welcome to the Everything Bubble, and I made the argument, and so that was in March 20, 21, that a combination of extraordinarily low, loose monetary and fiscal policy was fueling an asset bubble in every asset class simultan…”

“And so I created a setup for a process for deciding in a one hour meeting if I would invest or not in a startup. And that's essentially one that we still use to this day, you know, with refinement over time.”

“So, so because the number of startups we invested in, because the number of startups that was created weren't tripled from 5000 to 15,000, we tripled the number of deals we did from a hundred to 300, essentially. And so I've had to divide my check sizes by thr…”

“I'm coming in at Four pre at pre-seed, at 10 pre at seed, and at 20 pre at A's, and I feel very comfortable that in 10 years, these will be much, much larger with valid business models, and we less risk of disruption.”

“And that's why I've been staying at the sidelines, especially considering the valuations they've been raising at. I'd rather pay up when one of them seems to be the dominant winner, and I suspect that then price and traction will be more aligned.”

“I want to say the cheat code I use for IR, why I still can get 30% IR today, is the virtue of being diversified means I own two, one to three percent of any of the companies, and so what I've been doing is getting secondaries on the way up. So, I've been doing…”