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Adam D'Augelli

Partner, True Ventures · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investor@adaugelli ↗trueventures.com ↗

Adam D'Augelli joined True Ventures in 2010 and serves as a Partner leading early-stage investments across software, artificial intelligence, and biotechnology. He has led or managed investments in companies including HashiCorp, Ring, and Splice, and serves on the board of the National Venture Capital Association.

19statements → 7claims → 3claims resolved → 0%fully supported → 4.16/5average certainty → 1.89/5average debate potential → ≈4.5/5argument clarity, estimated → 2said about them ↓

0 supported 3 partly supported 0 contradicted 1 not yet assessed 3 not checkable as stated how the 7 claims stand · each chip opens the sources

7 assertions · 1 opinion · 5 insights · 6 disclosures · every statement was checked. The predictions and assertions are the 7 claims: statements the public record can support or contradict. 3 are resolved, 1 is not yet assessed, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Adam argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
none yet certainty 3
50% certainty 4
50% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: speaking style how? →

314 words/min while actually speaking · 0.6 um and uh per 1k words

No argument clarity score for Adam D'Augelli: no usable question→answer exchanges on raw tape (a fair score needs 8+). We do not score a sample that small. Roundtable and news formats yield far fewer direct exchanges than interviews. Their coarse estimate from 30 exchanges on the produced feed is ≈4.5/5, shown at half point precision because the sample is small and produced tape scores higher.

Measured by listening to 5,240 words across 1 episode, but every recording we have of Adam D'Augelli is the aired feed, and an editor cleaned that audio before release. Some of the hesitation was cut before we ever heard it, so read these as floors: the true rates are at least this high. These are measurements of speaking style, not scores. How it's measured →

How the interview went all their pushback → series average →

Across 1 rated episode:

host pushback ▾ 4/10
pushed back at the host 1/10
setup questions received 55%

Everything Adam D'Augelli said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Not checkable as stated
D'Augelli: VCs cannot practically increase ownership in top breakout companies
“And so our, you know, call it 20 to 25% at the beginning. If we do everything right, we'll own between 17 and 20% at outcome. But I think it's very difficult over time with success to continue to buy ownership.”
Adam D'Augelli Dec 16, 2019 ▶ 13:10 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Insight
D'Augelli: In highly uncertain markets, knowing more leads to worse decisions
“As an aside, there's an awesome academic paper called Investing in the Unknown and Unknowable, which argues that in markets with many unknowns and things you cannot know, Knowing more actually leads to worse decisions for an investor, and rather they should fo…”
Adam D'Augelli Dec 16, 2019 ▶ 28:07 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
True Ventures targets 20% seed ownership with $2M median checks
“And so, you know, to dive in on True, we manage funds of roughly three hundred million, and really focus on leading the first round of institutional capital, usually pre-seed or seed, with investments of 500 K to three and a half million, targeting 20 to 25% i…”
Adam D'Augelli Dec 16, 2019 ▶ 6:45 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Insight
D'Augelli: Single-lead priced equity rounds build better companies than co-led deals
“We have a meaningful bias towards priced equity rounds with a single lead who have really deep pockets. Somewhat self-serving, but we also think it's the best way to go build very important companies.”
Adam D'Augelli Dec 16, 2019 ▶ 11:40 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
D'Augelli: True Ventures' best investments like Ring and Splice looked weird
“I would say in most of our successful companies over time, they were not perceived as successful in the beginning. Things like Ring or Splice are companies that Today, I think people are like, that's, those are really interesting businesses, but there were kin…”
Adam D'Augelli Dec 16, 2019 ▶ 13:28 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
D'Augelli: Half of Ring's products were defective when True Ventures invested
“50% of their products at that point didn't work.”
Adam D'Augelli Dec 16, 2019 ▶ 24:49 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Opinion
D'Augelli: Music creator tools was the least popular VC category
“I don't think he could have chosen a less popular category for VCs than the intersection of music and creator tools.”
Adam D'Augelli Dec 16, 2019 ▶ 24:58 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Insight
D'Augelli: Overpacked VC calendars hinder investment performance and serendipity
“So I think VC is a strange job where doing more doesn't often correlate to improve performance. And I argue filling your calendar with lots of meetings doesn't create the space for luck and serendipity to occur.”
Adam D'Augelli Dec 16, 2019 ▶ 26:07 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Insight
D'Augelli: Aspiring VCs should join emerging funds with high workloads
“If you're going to join a venture fund, joining one that is new, where they have lots to do with people that you like, and you're aligned with their values, is super important.”
Adam D'Augelli Dec 16, 2019 ▶ 4:22 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
True Ventures has backed 28 founders twice and eight founders thrice
“We've backed 28 people twice. We've backed eight people three times.”
Adam D'Augelli Dec 16, 2019 ▶ 9:08 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
True Ventures deployed $50M to $60M each into Ring and Peloton
“And so in some of our biggest companies, things like Ring or Peloton or Zymergen, we started with a small check and over time invested 50, sixty million dollars.”
Adam D'Augelli Dec 16, 2019 ▶ 9:18 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Partly supported
True Ventures generates full fund returns from one or two investments
“In each fund, we've shown an ability to partner with one or two founders where our investment in the company over time will end up returning the entire fund. It, Duo Security, HashiCorp, Peloton.”
Adam D'Augelli Dec 16, 2019 ▶ 14:43 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Not checkable as stated
True Ventures makes initial investment decisions in a non-consensus manner
“At True, decisions are driven by an individual protagonist on the investment team, often with support of one or more others on the team, but are often made in a non-consensus way.”
Adam D'Augelli Dec 16, 2019 ▶ 15:29 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Disclosure
D'Augelli: Founders are never surprised when True stops follow-on funding
“I have not yet had an experience where someone was surprised when we said it wasn't working. And often it's a conversation with them where they are aware before we are.”
Adam D'Augelli Dec 16, 2019 ▶ 18:33 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Partly supported
Ring founder Jamie Siminoff spent $200K on an option for Ring.com
“At the time, you know, we were only raising three and a half million dollars. The ultimate cost for Ring.com would be a million dollars. But he said, hey, I have an option to buy it for a million dollars, but spending 200 K a day.”
Adam D'Augelli Dec 16, 2019 ▶ 22:40 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Not checkable as stated
D'Augelli: The video doorbell market was zero dollars when True backed Ring
“When we invested, the doorbell market was zero dollars.”
Adam D'Augelli Dec 16, 2019 ▶ 24:26 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Partly supported
True Ventures targets 45 to 50 initial investments per fund
“In each fund, we'll make between 45 and 50 initial investments in reserve really heavily.”
Adam D'Augelli Dec 16, 2019 ▶ 14:34 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Assertion Not publicly verifiable
True Ventures makes 65% of its seed investments at company inception
“So when we invest at the seed stage, it tends to be 65% is at or near company inception, some are a little bit later, but it tends to be one to three founders.”
Adam D'Augelli Dec 16, 2019 ▶ 19:23 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures
Insight
D'Augelli: Janeway and Perez books are essential reading for venture capitalists
“I would say it, combined with Carlota Perez's Technological Revolutions in Financial Capital, Are must reads for anyone in the business of venture capital.”
Adam D'Augelli Dec 16, 2019 ▶ 25:55 20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Cannot Grow Ownership In Your Best Companies Over Time & How To Make The Space for Serendipity To Strike in VC with Adam D'Augelli, Partner @ True Ventures

The other half of the tape: Adam D'Augelli's own voice is left out of every number here. Other people bring the name up 2 times in 2 episodes on 20VC. every mention, with the transcript →

Who brings them up most Harry Stebbings 1Brian Wong 1

Every mention by year

tap a year for its mentions
001111201520162017201820192020episodesmentions
011201520162017201820192020episodes it came up in
000.50.511201520162017201820192020episodesmentions per episode
2020 1 mention in 1 episode
2015 1 mention in 1 episode

Appearances (1)

EpisodeDateSpeaking time
20VC: How To Think Through Portfolio Construction and The Business Model of VC, Why You Ca Dec 16, 2019 18m
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