Fund I

“So in fund one, just to give you a benchmark, we were about a one-to-one in terms of upfront to follow-on capital in terms of the ratio.”

“One of the things we did when we raised the first fund, I think that helped in a tremendous way, is we pulled some of our angel investments into FundOne at cost. So we took some investments we had made the year before, put them in the fund at cost, even though…”

“Fund one had about 19 portfolio companies. Fund two had 14 portfolio companies, and I'm about a third of the way in fund three, where we have about six investments so far, and I still have several years to go before we'll go out to market for the next fund.”

“Fund one, we did three closes. The first close, we did a hundred K minimum. Second close is two for decay. Third close is 500 K, right?”

“So when we first launched the fund, it was actually tax day of 2018. And we did this mass email and we got like two responses from like a hundred emails of people who we knew.”

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

“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.”

“Yeah, it was mostly equity actually.”