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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Legora paused all sales for four months after $25M Series A
“I turned to Redpoint and to Benchmark, and I said, we're not going to sell for the next four months, because if we sell and we start onboarding all these great attorneys, they're not going to have the best experience. And they're going to think that the produc…”
VCs should not haggle over $10 million valuation differences to win deals
“Well, it's definitely informed my, if you wanna be in the company within the margin, just find a way to get into it and don't get too hung up on the ten million here, ten million there.”
Tunguz: Snowflake struggled to raise external capital at Series C
“The company was burning a ton of capital and couldn't raise money from the outside. And it was the insiders that stepped up and led that round because they believed in the business.”
Raney: Unanimous VC voting filters out the best, most controversial investments
“We have found that unanimity is a bad thing in venture capital, that, you know, a lot of the best ideas are the ones that are the most controversial”
Raney: Redpoint avoids spreadsheet investing and rigid metric checkboxes
“We are not spreadsheet investors. You know, we don't try to The fit, all these numbers into a set of checkboxes, and then determine whether or not they're achieving these things, or they've met some minimum threshold, because every opportunity is different, an…”
Raney: Public market scrutiny forces operational and capital discipline on startups
“Sometimes it allows a lack of discipline to creep into those businesses, and there's something about the bright lights of being a public company that forces discipline onto companies and ensures that they're making best use of their capital and behaving in the…”
Connected hardware is the strategic wedge to beat AI incumbents
“So we think of hardware as that kind of, that wedge into trying and going and beating these big guys.”
Venture capital has evolved into hyper-personalized offerings for founders
“It's, I think the venture capital world that we live in today is is more akin, we went from a generation, and I, I've made this analogy, that we were in the generation of Broadcast television, right? Where there were only a handful of channels and what you wer…”
Redpoint's growth framework targets 3x-5x returns with 10x upside
“Our simple underwriting framework for growth at Redpoint is three to five X with 10 X plus upside, right?”
Logan Bartlett has no regrets on investments made during 2021 market peak
“While I wish that I invested at today's prices last year, there isn't a single investment that I wish I had back, right?”
Redpoint partners must build distinct individual brands to stand out
“I think it means that each individual at red point has to stand for something and be known in some way, shape, or form for what it is that they do to help rise above the noise.”
Redpoint's growth team prioritizes return multiples over ownership targets
“So we really focus on the outcomes more than the percentages at our stage.”
VCs should invest in market inevitabilities even if slightly early
“If something just feels like an inevitability and you might be a little early on the tacker on the market, we're talking months or maybe years, not decades, then it's worth just getting on board. If you think the company is going to be the one to execute on it…”
Every venture capitalist lost price sensitivity during the 2021 market peak
“Anyone that invested last year lost some level of price sensitivity.”
Raney: Opportunistic bridge rounds in top startups benefit VCs and founders
“The second time that we see these things applied is, is really opportunistically where, you know, you're very excited about a company. It's doing very, very well. You just think there's an opportunity for the company to hit an additional set of milestones that…”
Raney: Redpoint requires convincing only one other partner to make investments
“You only need to convince one other partner at Redpoint that this is a good investment, and if you do, then it's an investment that we can do.”
Raney: Startups stay in growth mode longer to pursue bigger market opportunities
“I think, you know, the first way I look at it is I think these companies are going after bigger opportunities than we ever have before as an industry. You know, as a result, they're in growth mode far longer than companies ever used to be.”
Andy Rubin founded Android as an EIR at Redpoint's offices
“Famously, we had Andy Rubin as a IR here, and he actually founded Android out of our Menlo Park offices, and eventually helped them sell that into Google.”
Redpoint's late-stage fund rarely follows on in early-stage deals
“Red point strategy is to look at it almost as two totally from portfolios. And very, very rarely, I think there's probably, you know, one exception does our late stage fund invest from our early stage fund?”
Lemkin: Tomas Tunguz raised around $700M after leaving Redpoint
“Tomas Tungus, who just already raised like seven hundred million.”
SRB Ventures made an early investment in short-term rental platform Wander
“One of the companies, one of the first investments out of the fund is this business wander. QED and red point were leading the series a very cool short-term rental vertically integrated platform.”
Looker grew from 15 employees at Series A to over 600
“The first week I was there was when Tomas closed the Looker Series A. They had 15 people there. I think now they have over 600, and they've raised hundreds of millions of dollars.”
Raney: Redpoint signs a moral contract to back founders post-investment
“Once we invest in the company, we've signed a moral contract with that entrepreneur that we are going to support them, that we're going to be there for them.”
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”
Redpoint rejected Logan Bartlett as an associate before hiring him as partner
“Battery gave me an offer. Redpoint did not. I went over to Battery. I was there for six years and the Redpoint folks kind of stay on, stayed on top of me and they wanted to correct the error of their ways and not making me an offer when I was associate. And so…”