The Ledger
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One 500 Fintech Portfolio Company Returned the Entire Fund Five Times Over
“Even though I invested in 70 plus companies, there's only a handful of them that really matter, and the one The one biggest one represents a five X on the fund.”
Mohnot: 3x–5x exits do not move the needle against 100x fund winners
“These smaller exits are not necessarily gonna get you anything. Even, even like a three, five X return, it doesn't, unfortunately, it just doesn't move the needle that much when you have a hundred X return out there.”
Mohnot: BTV Fund I averaged $1M check at $10M post-money valuation
“So so our minimum is actually 10. So we have invested so in fund one, our rough numbers, our average first check was a million bucks, and for about 10% ownership. So we invested on average at a ten million post in fund one.”
Mohnot: Fintech seed valuations did not fall in 2022
“Seed valuations in fintech, for some reason, haven't really fallen much. And so our 20, 22 numbers are actually higher. We're investing at a higher valuation than we were then.”
Sheel Mohnot: Better Tomorrow Ventures dictates valuations as a price maker
“The other is there's a difference between a price taker and a price maker. So like, Oftentimes a founder will say like, this is what I want. And we say, okay, like totally understandable. If you want to work with us, the price is X. And here's a bunch of folks…”
Mohnot: Better Tomorrow Ventures does not automatically exercise pro-rata rights
“Yeah, we definitely don't always do our pro rata. I would say we are choosy”
Mohnot: Series A is the hardest round for multi-investor syndicates
“A is the toughest round to get multiple people into because there's typically a lead investor, typically a single one.”
Mohnot: BTV portfolio Series A rounds hit $100M-$125M valuations in late 2021
“Particularly second half of last year, all of the series A's in our portfolio, like we were doing them at the price that, you know, we invest that, and then they were getting done at the hundred to 125 range.”
Mohnot Achieved a 169x Return Selling Flexport Shares at $25.40
“Personally, my biggest tip from a cashback perspective is Flexport. I think rough numbers, when I invested, it was like, 15 cents a share, and I sold at 25 dollars and 40 cents a share.”
Mohnot's Chipper Cash Investment Grew From $2.5M to Over $2B Valuation
“And then unrealized, I think my biggest is a company called chipper cash. My first investment in the company was at a two and a half million dollar valuation about three years ago, and the last round was over two billion.”
Mohnot: Uber raised $25B in VC to reach a $50B enterprise value
“And you've seen it with the likes of Uber, you know, today, a fifty billion dollar enterprise value. There's twenty-five billion dollars of venture capital money that went into that company.”
Sheel Mohnot: Better Tomorrow Ventures targeting 15% average fund ownership
“We averaged 10%, and in this fund, we're hoping to average closer to 15.”
Mohnot: Better Tomorrow Ventures runs $150M seed and $75M opportunity funds
“So we're a hundred and fifty million dollar seed fund and a seventy five million dollar opportunity fund.”
Mohnot raised Better Tomorrow Ventures' $75M Fund 1 without an anchor LP
“No, we had no anchor. So, so there was fund zero, my fifteen million dollar fund, then fund one, 75, and we had no anchor. In the seventy five million dollar fund.”
Mohnot: BTV accelerator will invest $500k each in 6-10 startups
“So ours is, we'll probably have about 10 companies in this We're thinking six to 10, and we're investing a half million in every company.”
Mohnot: Three of his top five portfolio companies were pivots
“So listen, three of my top five companies were pivots.”
Mohnot: Taco Bell paid $25k for his honeymoon after metaverse wedding
“I, they gave us, they gave me 500 bucks for my birthday in Taco Bell credits, which actually Taco Bell gets you pretty far. They also paid for our honeymoon, 25 K, which is pretty nice.”
Mohnot and Gibson declined VC offers in 2019 due to bureaucracy
“We ended up getting offers at funds, but decided during this time that he and I got to know each other a lot better, we decided, hey, maybe we should just do our own thing. These funds are maybe not for us. Some of them are too bureaucratic. Some of them have …”
Mohnot Lived on One Dollar a Day During India Fellowship
“I did this fellowship lived in India on a dollar a day. So very, very low burn lifestyle. I was working in microfinance and decided I would live like my borrowers and my borrowers, you know, lived on a dollar a day. So I decided I would too.”
Mohnot: Three BTV portfolio companies each represent multiple fund turns
“There are three companies that each represent multiple turns on the fund.”
Mohnot: BTV increased fund reserves from 50% to 60%
“And in fund one, we had 50% reserves in fund two, we have actually 60% reserves. So we're reserving more for follow ons.”