The Ledger
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Mullen Went Negative Cash to Buy Stocks and Crypto in March 2020
“And for the first time ever last March, I went negative cash and I went big into the market and big into crypto.”
Bonfire Passes on Full Pro Rata in Preemptive Series A Rounds
“Yeah, and to be honest, like, we're not, in those situations we're talking about, we're not perhaps taking the entire prorata we have, ok? So, we are managing that capital.”
Mullen Committed to Scopely and The Trade Desk in First Meetings
“When I first met Walter Driver from Scopely or Jeff Green from the Trade Desk, I invested in the first meeting. I committed to them in that first meeting.”
Bonfire Ventures No Longer Commits to Investments in First Meetings
“We don't do that anymore. It's really hard, right? And especially since I have a team, I can't just walk in and go, yeah, we're going to invest in this company. We need to really talk about it, get through it, understand the pluses and minuses, get people's op…”
Mark Mullen Turned Down Investing in Honey Twice
“I met Sean Radd from Tinder, and I met the guys from Honey. And I turned down honey twice.”
Bonfire Prefers Series A Leads Who Reserve Seed Pro Rata
“Also, we, of course, foster our relationships with the A investors, and we tend to start working and only work with A investors who we know are going to come in and say, hey, we want to put in twenty million. We're going to do 19. Figure out the one that you h…”
Bonfire Ventures Blocks Investment Deals if Two Partners Vote No
“When one of us says no, the deal can happen. When two of us says no, especially two of the partners, I mean, it's not going to happen, right?”
Bonfire Allows Team Members to Write $500K Checks Without Consensus
“So any one of the five of us can invest up to 500 grand in a company that we just absolutely believe in, whether it's the founder or the business, just absolutely believe in. And it may be not even a seed round. It's maybe a An angel round, maybe a million buc…”
Bonfire Ventures Has Issued a Term Sheet Within Nine Days
“We have done a meeting to term sheet In nine days, which is now apparently a little bit long, I'm hearing things are happening over the weekend, but nine days is a big move for somebody investing in a seed company.”
Bonfire Caps Individual $500K Check Autonomy to Two Deals Per Fund
“Well, you can only do one or two, right? And they are being watched. So in fairness, you have a lot of almost, I wouldn't call it this way, but there is peer pressure to make sure that these Two small checks you make over a three-year period are ones that are …”
Bonfire Gives Six Scouts $250K Each Strictly for B2B Deals
“And so we have six Scouts. We have four in LA, one in Boston, and one in San Francisco. Three men, women, three men. Diverse as well. And we've given each one of them 250,000 dollars. They are to spend it in unique opportunities which are B to B only.”
Mullen's First Angel Investment Generated a 40x Return via Warrants
“My first investment as an angel, which was never called that, as you know, until later on in life, was in... And they needed 10,000 dollars for a server to start their ISP, right? The web hosting company. And I gave them the 10,000, and then they paid me 15% i…”