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 30 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
Loverro: VCs should heavily fund good companies or give zero capital
“If it's a good company, give them a lot of capital, and if it's not, zero. That's probably the right decision framework.”
Loverro: IVP saw two potential down rounds in a single week
“We're seeing, I would call it a trickle, but like a noticeable uptick from Q-four in deal flow, and we saw two potential down rounds this week.”
Loverro: IVP announced multiple 2022 deals at 10-15x forward ARR
“We've, we announced multiple deals last year in 2022, where they were priced at something like 10 to 15 times forward ARR.”
Loverro: IVP took a disproportionate amount of liquidity in 2021
“We did feel a little bit like that in 21, and so we took a disproportionate amount of liquidity in 21.”
Liaw: Early-stage venture is about picking; late-stage is about access
“I think at earlier in seed stages, I think there's Probably more picking going on. I think that those stages companies need capital or else they're likely to die. Capital is more like a necessity. I think as you get much, much later sort of companies that are …”
IVP invested heavily in Hopin without meeting founder Johnny Boufarhat in person
“I spoke to Jules and Alex at IVP before, and they said, we've invested a lot of money into Hopin, never met Johnny.”
Maltz: Tech IPOs need $100M revenue, 30% growth, and profitability path
“Companies need to be generally over a hundred million dollars in revenue. They need to be growing over 30%, and they need to have, if not, if they're not profitable, they need to have a very clear path to profitability within two to four quarters.”
Loverro: Startup bridge rounds must provide at least six months runway
“A good bridge round at least six months. So I would ask really hard questions about any bridge round that's, you know, measured in weeks or a month or two.”
Loverro: Marketing dollars are more effective in downturns as CAC falls
“The marketing spend that you have now is so much more powerful Then the marketing spend you had say during 21. Why? Your competition has pulled back. They're not bidding on keywords. So the CAC is down.”
Loverro: The tech market frenzy of 2020-2021 is not coming back
“The craziness that went on in 2020 and 21 isn't coming back”
Loverro: Startups should finish fundraising with 6-7 months runway remaining
“My rule of thumb is you should start raising by 12 months. If you have 12 months of capital left, you're in the red zone. Now, does that mean you need to hit go and speak to every venture firm with exactly 365 days, you know, to go? No. But it means your strat…”
Loverro: Passing on Fivetran cost hundreds of millions in missed gains
“Biggest mistakes in investing are not doing the things that make you a lot of money, because the opportunity cost there so far outweighs anything else. So I feel like my biggest mistake in the last couple years was not investing in an entrepreneur named George…”
Liaw: Distrusting a CEO's decision means investing in the wrong person
“And then you have to go back to, well, you don't trust your CEO to make the decision. You probably invested in the wrong company or person.”
Liaw: Board members will always know less about companies than CEOs
“There's no way as a board member investor, I will know more about what's going on inside of a company Then the CEO, if I do, there's a major problem, but I shouldn't, and I will know a lot less.”
Liaw: Unprepared introductory pitch meetings with founders are now obsolete
“The idea of, you know, have a first meeting. So tell me about your company and you know nothing like that's a dead meeting. And that's actually great. It saves time, saves the entrepreneurs time so they can get back to running their companies and doing the bus…”
Liaw: Passing on Datadog's Series B was his biggest career regret
“Biggest regret in my career was not investing in Datadog a lot earlier than when we ultimately did. We loved The company, it was probably nine or eleven million dollars in revenue at the time. This is probably the 2014 time frame, and they raised a series B. S…”
Liaw: IVP Invested Over $100M into Aiven After $16M Initial Check
“Our first investment was sixteen million dollars in size in their series B. They've now gone on to raise a C and a C one. Now we have over a hundred million dollars invested.”
Stebbings: Hopin Raised $174M+ in 13 Months
“In just 13 months, Johnny's raised over a hundred and seventy four million dollars for Hopin, from the likes of Excel, IVP, Slack, North Zone, Co-Two, Salesforce, and of course, TwentyVC fund disclaimer.”
Maltz: VCs hear 200 pitches yearly but make only two investments
“In a year, maybe 200 companies will present to you and you'll only do one or two investments.”
Maltz: Aging VCs lose touch with young founders and consumer trends
“I think there's two big challenges with kind of getting older in venture. The first is you just get Farther away from the age of the CEOs, at least in the consumer space and what the kind of teenagers are doing in terms of using the products.”
Maltz: IVP often makes late-stage investment decisions in days or hours
“We're often making decisions in a matter of days or even hours versus weeks or months, so it's one of those things where you know, you're waiting around a lot, and then you hurry up, and you have this kind of rush process, but the best companies are, that's ho…”
IVP manages over $8.7B in capital with a 43.1% 40-year IRR
“As I said, IVP, one of the leading later stage venture capital and growth equity firms with over 8.7 billion dollars of committed capital and a 40 year IRR of 43.1%.”
Robinhood raised $5.6 billion total, including a $2.4 billion emergency round
“To date, Vlad has raised over 5.6 billion dollars with Robin Hood, including a 2.4 billion dollar raise just this month, and some of their investors include the likes of Ribbit, Sequoia, Green Oaks, Index, IVP, Thrive, GV, and more incredible names.”
UiPath has raised over $977M in venture funding
“To date, UiPath has raised over nine hundred and seventy seven million dollars in funding from some of the very best in the world, including Sequoia, Excel, Meritech, IVP, Capital G, Kleiner, CoTo, and more.”
Roseanne Wincek engages startups 18 months before investing
“Honestly, like for the most part, I'm spending time with companies. 18 months before we want to invest in them.”
Maltz: IVP targets five to ten fastest-growing late-stage companies weekly
“Every week we're talking about what are the five or 10 fastest growing later stage companies that we're incredibly excited about. And then we're thinking about ways to connect directly with the CEO, actually add value to the company before we invest, and then …”
FJ Labs frequently co-invests with IVP, General Catalyst, and a16z
“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”
Ilkka Paananen raised over $143M for Supercell prior to Tencent acquisition
“Prior to Tencent acquiring a majority stake in the company at a reported 10.2 billion dollar acquisition price, Ilka raised over one hundred and forty three million dollars for the company from Excel, Index, Atomico, IVP, LVP, Initial and Lifeline to name a fe…”