The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 183 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 3 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Ian Lee: Syndicate's a16z-Led Series A Turned Its Cap Table Into a Nightmare
“Our series A, which was led by, you know, Andreessen Horowitz, it also had like a 150 people and other funds involved in it. It was like this Monster party around that honestly, like, has made our cap table a nightmare.”
George: Celonis will deliver sustained high growth without aggressive cash burn
“I think their business model is fantastic. I would view their future as very elevated levels of high growth with high returns on capital, and, you know, there's not some looming intense competitive threat that makes them think that they should aggressively go …”
a16z gives sponsoring GPs final authority via single trigger-puller model
“Just like we do at the venture fund, we have a single trigger-puller model, though. We have discussions and deep, robust discussions about investment decisions, but it's ultimately the call of the GP who's sponsoring the investment.”
George: Shorter VC diligence cycles are more efficient and benefit the market
“It used to, I remember when I started at GA, it would be like, okay, a company's raising money and you know, let's take two months and you turn over every single piece of minutia for a company. Like that's, it's probably more efficient and better overall for t…”
a16z Growth uses 5-7 year horizons to absorb entry valuation errors
“So we think in five to seven year terms and try not to worry if we're off by a year or two on the valuation, like that's a risk that I'm willing to take.”
VC portfolio support quality depends on network design, not team size
“So it actually, in fact, is your operational throwaway, your strength of how you deploy the network, not necessarily the size of the operation, but you have to design it with that in mind, right? So like, for example, as I understand it, the Andreessen pattern…”
Summit Peak tracks follow-on investments from top VC brands like Benchmark
“Look, I would be bullshitting you to say that it's not important to us. Those brand names do matter, whether that's Benchmark Capital, Andreessen Horowitz, Sequoia Capital. They are great funds, and they're great investors at various stages, and you want to se…”
Mino Games became one of Andreessen Horowitz's best seed investments
“We became one of Andreessen Horowitz's best seed investments.”
Andreessen Horowitz fines team members $10 per minute for tardiness to meetings
“We find people basically, if you're on time, but if you're late, it's 10 dollars a minute for a meeting with an entrepreneur.”
Kupor: Startup evaluations shift 80% toward team after market qualification
“So I agree with Freddie, which is, you have to at least believe the market is big, but I would kind of flip his percentages, and I would say, once you get to market being attractive, then I think most of the evaluation shifts to team. So I don't know if it's 8…”
Kupor: $750M venture funds require multi-billion dollar outcomes to move the needle
“So I think you're right, which is you gotta have to do the backward math, which is, okay, if you've got, call it a, we have a seven hundred and fifty million dollar early stage fund that we just raised in the, for consumer enterprise, and so for something to k…”
Kupor: Venture capital firms are purely customer service businesses
“We don't build anything. We don't make any products. All we are, quite frankly, is a customer service business. And day-to-day, we've got to make sure that we deliver on that customer service.”
Coelius: Mega VC firms are taking platform bundling to a higher level
“If you look at what Andreessen is doing and you look at what the number of the other big platforms are doing, they're taking venture to a whole even higher level of bundling where they're saying, look, we're going to basically use the sort of returns that come…”
Okta was Andreessen Horowitz's first fund investment check in 2009
“We were the first check that they wrote out of their first fund. In the summer of 2009 was into our seed round, and then obviously they led our series A in 2010.”
Roger Dickey claims Andreessen Horowitz adds as much value as a co-founder
“And I think, you know, one of the ways we think about it is in Andreessen Owen's Some large percentage of our company, let's say, 10 to 20% of the company, we think of them like a co-founder, and they actually have added the same level of value that a co-found…”
Teten: Only a Handful of VC Firms Build Full Platform Teams
“Besides us and Google ventures and Andreessen Horowitz, first round capital OpenView does some work on this area. A lot of other firms talk about it, but they've hired one or two people, right? They don't have a whole set of resources”
O'Driscoll: a16z DOJ board investigation will resolve by exiting Fivetran board
“But my guess is it peters out into some version of the venture firm just saying, we'll take off the board member on Fivetrans, whatever, right?”
Andreessen: a16z has long considered launching credit and public equity funds
“So the two that we've kicked around for a long time are public equity on the one hand and then credit on the other hand. And I think there's really good reasons to do both. And then there's issues with both in terms of issues specifically with respect to runni…”
Andreessen wants to be remembered as an entrepreneur, not an investor
“Entrepreneur. I, and you know, Ben and I are lucky in that we've been able to, you know, A-sixteen Z itself has been an entrepreneurial project. And so yeah, I would, if I could choose, that would definitely be the one.”
Andreessen: a16z partners have full autonomy to take contrarian risks
“So the deal we kind of make with all of our investing partners is they all get to take risk. So they all get to go out on a limb and do the things that other people are going to think are dumb. And so they don't generally like backbite each other on that.”
Andreessen: A VC firm's expansion strategies depend on early-stage success
“At the end of the day, the early stage business has to work. If the early stage business works, we have option value in doing all this other stuff, but that, that always is the core of the business.”
Horowitz refused to distribute 'Extreme Ownership' to a16z founders
“I recommended to Ben when that book came out, I fell in love with it and I recommended to Ben. I said, we need to send this to all of our founders and like teach this. And he's like, Mark, you're out of your mind. Like our founders already have the problem whe…”
Acharya: Kriya founders pitched a16z wearing matching kimonos drinking Celsius
“I mean, the Korea guys to me are a great example. You know, they come into our first pitch, first meeting with everyone in the room, Thanksgiving holiday. And, you know, I think they're both wearing matching kimonos. They're both drinking Celsius's, you know, …”
Rampell: Nearly $7 Billion of a16z's Latest Raise Is Growth Capital
“If you look at the money that we just raised, you know, almost seven billion of that is for the growth fund.”
Rampell: a16z wants small stakes in proven winners or high ownership early
“We either want to buy any percent, right, of something that is absolutely working, or high ownership of something that could work.”
Rampell: Big venture funds require high initial ownership due to dilution
“In order to make the math work for a big fund, you have to have high ownership, and you know that your ownership will get Depleted or will get diluted over time as option pool expansions happen, even if you take your pro rata in every single successive round.”
O'Driscoll: Navan is significantly undervalued at 4x ARR
“The fundamentals are this is a 27% growth company trading at four times revenue that's cashflow positive and operating income positive on a non-GAAP basis. Actually, after this call, I made a mental note to follow Andreessen and buy some, right? Perfectly good…”
Portfolio companies naturally diverge in product strategy more often than they converge
“The thing that we see that more often happens is companies diverge. More often than they converge. And so, you know, the perception of what a conflict can be in the future, like often doesn't come into play.”
All-partner pitch meetings are not scalable for multi-sector venture capital firms
“I wouldn't change this, but one of the elements about us scaling has been, we've had to decentralize the way we run our business. Right. And so when I first joined the firm, you know, we used to sit around in partner meetings all day on Mondays and hear all th…”
Overweighting the fear of theoretical competition causes VCs to miss deals
“If you overweight the fear of future theoretical competition, you can always talk yourself out of making an investment.”
Stebbings: Bullish on Andreessen Horowitz as partner quality matches boutique firms
“They are as good as the partners at smaller firms with three to five partners, and they have been fantastic. Like, I am a Big bull on Andreessen now where I was not before.”
Ribbit Capital, a16z, and Coatue co-lead Deel's $300M round
“So it's actually co-led by three three investors. The first one is Rubit Capital, which is our new investor. It's actually the first time that they invest into a deal. And maybe we'll talk about this after, but I've been I actually love the team there. I've be…”
Staniszewski: a16z connected ElevenLabs with celebrities before investing
“A-sixteen Z was phenomenal. They did exactly what we spoke about, which was, they've shown us that they cared before they invested. They introduced us to incredible people, to some celebrities to work on the voice licensing. So they were like on it for two wee…”
Casado Confirms Andreessen Horowitz Is an Investor in OpenAI
“We're investors in opening eye, yeah.”
a16z frequently passes on startup investments due to portfolio conflicts
“In fact, I mean, we routine, I would say the number one reasons we don't, that's not true. One of the top reasons we don't invest in companies is because of conflicts.”
Lemkin caps seed entry valuations at $30 million max
“Even if you beat Andreessen, and Andreessen's offering 50, and you say, listen, the best I can do is 30, and I've done this multiple times, because 30 is the highest price I pay. It is, it's on my website, so there's multiple deals I've done where the price ha…”
Akhund: Andreessen Horowitz invested in Mercury's seed round based solely on a deck
“Andreessen Horowitz was our seed investor. So they invested like basically on a deck for Mercury”
Lemkin: Andreessen Horowitz received a 1x return on its Loom investment
“When Loom sold and Andreessen invested at one And they got their one ex back in a year.”
Dixon: All a16z crypto funds are structured as 10-year venture funds
“First of all, all of our funds are Ten-year venture funds.”
Dixon: a16z's vertical structure prevents corporate bureaucracy from creeping in
“We, you know, we're very verticalized now. So we're a big firm, but, you know, I run a vertical and, you know, it's pretty independent. And that's important because I think we actually avoid a lot of the bureaucracy and other things.”
Dixon: I refrain from giving product feedback to portfolio startups
“I rarely in fact, I'm, I rarely get involved in, in those parts of the companies. And in fact, I, Probably judiciously tried to not comment on that because I think sometimes board members and investors opinions on like this button should be purple or something…”
Sunak: a16z, Palantir, OpenAI, and Anthropic are establishing UK offices
“Andreessen Horowitz, you know, all the world's most successful VC investors opening their first international office here in the UK. And that just comes on the back of Palantir saying that they're going to do their AI headquarters for research here in the UK. …”
Jordan: a16z Invested in Incredible Health at a $60M Post-Money Valuation
“When you raise at 1.65 billion, I think our round was 60 post. You know, you are, you're not taking a lot of dilution.”
Jordan: a16z Avoids Basing Investment Decisions on Current Market Size
“We strive as a firm not to base investment decisions on current market size, because a lot of the best businesses created new markets to create new markets.”
Jordan: a16z advises portfolio startups to delay raising capital
“We're today counseling our businesses, try to be try not to need to go to market for as long as you sustainably can without hurting the business.”
Jordan: a16z invested in Incredible Health at $60M valuation
“When you raise at 1.65 billion, I think our round was 60 post. You know, you are, you're not taking a lot of dilution.”
Casado: a16z has no investments in cloud security posture management
“We don't even have a bet in cloud security posture management, right? Like the laceworks and the orcas and the whizzes, right?”
Emil Michael: Andreessen Horowitz continues to rise due to rapid innovation
“If you want to talk institutional brands in recent Horowitz is certainly on the way up despite whatever's happened in crypto. And I'll tell you why, because they're innovating. They're innovating on how they communicate their PR stuff. They're innovating on th…”