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.
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O'Driscoll: Late-stage VC has bifurcated into sub-$400M and mega-private tiers
“There really are two different late stage businesses now. It used to be late stage was, I remember Meritech would say, beyond 10 Million is late stage, and you'd think 10 to a hundred million was quote late stage. Now, late stage is 10 to four hundred million,…”
Motschwiller: Current Out-Execution Correlates Highest With Future VC Returns
“The highest correlation to a business that will be a great return and will continue to execute is one that is out executing in the current state.”
Green: ICONIQ Capital's LP returns are 'freaking amazing'
“Either Iconic or Meritech, like, the returns of Iconic are freaking amazing.”
Max Motschwiller: Meritech Fund VI targeting $600M and 25 portfolio companies
“So we're in the process of raising our sixth fund, it'll be about six hundred million, and our view is to have roughly 25 portfolio companies in that fund, so not hugely concentrated, but we think the right balance is”
Max Motschwiller: Meritech reserves only 20-25% of funds for follow-on rounds
“Explicitly, we keep 20 to 25% of our fund captive for reserves, and that is definitely smaller than the average early stage venture firm, and because of what I mentioned before, we're just coming in at later stages such that there are fewer subsequent rounds a…”
Motschwiller: Growth VC success depends on knowing when to pay up
“Often the brilliance of a growth investor is knowing where to really stretch and pay up on price. And when I say picking, that is really the element that I think is hard and unique.”
Motschwiller: Career VCs face limitations advising CEOs on managing large organizations
“There are certainly elements that are missed, and I feel most disadvantaged from when an operator is going through specific challenges, and they're mostly around people, right, where I haven't managed large organizations before, and so fully understanding the …”
Motschwiller: Executive recruitment and customer intros are VC's highest-leverage value-adds
“The two highest points of leverage that I find my entrepreneurs really love are, one, finding them great people, and that oftentimes means great Great executives as they're building out that team and scaling quickly and finding executives that can take them to…”
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.”
Motschwiller: Tracking Growth Startups Across Funding Rounds Builds Conviction
“One of the easiest ways to build conviction over time is to see the company in the round before. And as a later stage firm, oftentimes we'll see and look at an A round or B introduced. And it's very clearly around too early, but then they say, hey, our budget …”