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 21 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 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
Nyatta: Early-Stage VCs Prioritize Quick Markups Over Durable Businesses
“BCs want to mark up the company. Often that's the goal, especially if you're at the early stage, right? You want the A to be lower than the B by some margin, and then you want to raise a new fund on the back of the B or C. That's a very different goal from the…”
Chang honored a $140M oral agreement over a higher term sheet
“It was roughly where we were at a 145. About one 40 actually. And we had an oral agreement with Bolton, we'll take the term sheet. And then, but we haven't signed the term sheet yet. And then later, there was another investor that came, they came and said, I w…”
Wise: Balderton will invest in narrow AI applications, not general AI platforms
“So once again, I don't think we're going to make investments in AI companies as a whole, right? I don't think that's the thing, but I think companies which have already thoughtfully found ways to apply what have been recently Some significant breakthroughs in …”
Balderton partners receive equal compensation, voting rights, and deal allocations
“Boston is an equal partnership. There are very few venture capital firms that are equal partnerships certainly over time. And what equal partnership means is that you know, there are six partners at Boston today, and all of those six partners are entirely equa…”
Point Nine broke its rules to invest in Revolut's seed round
“When I was with .9 and reinvested in Revolut, it was both outside of the focus, right? It's a mobile consumer app. It was actually had just closed the seat round with Balderton. So there was no actionable opportunity and the only way to get in was actually for…”
Waterhouse: Why Balderton decided to invest in Curious AI in 40 minutes
“The last one was actually Curious AI, which we talked about which is as you mentioned, is a new AI company in Finland. And I made the decision in 40 minutes because the entrepreneur is extraordinary, and the ambition of what he wants to do is, is very compelli…”
Balderton has no clear partner promotion track for analysts
“We're pretty open about the fact that our policy is that there isn't a clear track from, you know, analyst to principal to partnership.”
Chang: Balderton repeatedly backs ex-Revolut teams due to past investment success
“Yeah, I think they really, really like the concept, and I think what they realize is, is a pretty good strategy, and I realize after the, you know, a lot of their investments, I think they, they've just, because they made so much money from the Revlon investme…”
Chang confirms he parked a Ferrari outside his Balderton pitch
“Yeah, there's some truth to that, yeah.”
Stebbings Managed $200M Fund Five Years After Launching 20VC Podcast
“When I started the podcast, I had the vision that I would be an associate at Balderton Capital in five years time. In five years time, I was managing two hundred million dollars with my own fund.”
Rob Moffat: Most venture capital recruits are headhunted
“Most people who get recruited into BC get headhunted so sort of chasing it is unlikely to work”
Moffat: Great VCs challenge assumptions rather than relying on pattern recognition
“In terms of finding interesting deals, I think the ability to keep challenging your assumptions. I think it's easy to get a VC to talk about pattern recognition and you have a bunch of sort of simple shortcuts in your brain on what a good entrepreneur should l…”
Crowdcube Raised £1.2M on Its Own Platform Alongside Balderton's £3.8M Round
“On three, three occasions. Yeah, the first time was, you know, 300,000 pounds, then it was 1.5 million, and then most recently where we did it, did a raise with Boulderton Capital, we raised 1.2 million, which topped up the 3.8 from Boulderton and we did that …”
Lemkin: Balderton led Revolut's seed round at $8M post-money
“Balderton bought, led the seed round in Revolut, two million at eight post. Two million at eight post, and then led the A on top of it, right?”
JOKR has raised over $170M from GGV, Balderton, SoftBank, and Kaszek
“To date, Ralph has raised over a hundred and seventy million dollars for the company, from the likes of GGV, Balderton, Soft SoftBank and Kazak, to name a few.”
Wise: Balderton receives 5,000-6,000 funding applications annually, double 2014 levels
“Our deal flow now is five to 6000 applications a year for funding. I mean, not all of them viable or, but you know, it's more than double what it was a couple of years ago.”
Balderton Capital invested around £4 million in Crowdcube
“As we did on CrowdCube, we invested four million or so pounds”
Balderton Capital limits check sizes between $1 million and $100 million
“We don't do a hundred million dollar tickets, and we don't really do less than a million dollar tickets.”
Wise: Balderton holds companies for an average of 7.1 years before exit
“You know, we normally know the companies we invest in for, I think it's just about two years before we invest, and we On average, hold our companies for 7.1 years before exit.”
Portfolio support grows from 10% to 50% of a VC's time
“The longer you spend in VC, I've been doing it for six years now, and started off with probably 10% of my time on portfolio companies and now it's probably more like 50%,”
Wise: Balderton Capital's most recent investment is in MyTomorrows
“Most recent investment was in a company called MyTomorrows. They are targeting the delivery of drugs on, for early access programs. So completely changing the way that drug distribution is done for people who are very, very ill. And we said yes, because we tho…”