The Ledger
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Mohnot: Multi-stage funds lose winners by writing small competitor checks
“My portfolio company that is working is raising a series A or series B. They don't want to talk to that investor because that investor invested a million dollars in their competitor. That competitor is almost dead anyway, but they're like, fuck them. I'm not g…”
Mohnot: Large seed rounds create complacent startup teams
“Raising big rounds makes people like makes people cushy. You end up attracting people with salaries that, like, actually they could have gone into a big company and actually they belong at a big company.”
Mohnot: Founders should limit secondary sales to 1x ARR at Series B
“My rule that I like to live by is at the series B and beyond, you can take as much secondary as you have in ARR.”
Mohnot: Investing in Seed Startups at $50M Valuations Rarely Yields Returns
“So you can't invest at a seed company at a fifty million dollar valuation and expect to make money. Like that's, if you're doing that, it's just going to be really tough.”
Mohnot: Even top venture capitalists struggle to identify moats
“And I think it's like, there are ways that you can invest, but actually knowing what to invest in or what a mode is, I think people are still figuring it out. And even if you look at the greats, they have a bunch of misses and they have a bunch of companies th…”
Mohnot: Single-check VC strategies force follow-on capital into weaker companies
“If your strategy is just to do one check, but you have to do some follow-ons, then you end up not Following on to your best companies, you end up following on when you have to, which can be your worst companies.”
Mohnot: VCs should invest only in category leaders, not secondary players
“Invest in the best company, not in number two or number three. And a lot of those haven't have shaken out to not, not work out that well.”
Mohnot: VC-dependent customer acquisition models create inherently worse businesses
“Businesses that constantly need venture capital dollars to acquire customers just aren't as good businesses.”
Mohnot: Failed investments bias VCs against viable business models
“And I think the biggest miss for me was you look at a model, you've invested in a model that didn't work and you have the idea that it can't work. And actually, no, that's not true. It's just like the founder didn't do the right things to make it work.”
Mohnot: Venture GP fund commitments should cap at 10% of net worth
“So I think it really should be some portion of your net worth, and maybe it should be, like, up to 10% of your net worth should be in a fund. And that's a significant portion, but not like, it's not like you're gonna need an extra, like, you're not gonna wanna…”
Mohnot: Over-funding duplicate startups destroys sector profitability through price competition
“In 20, 20, 20, 21, every company we funded, there were five companies just like it. Also with great founders, with great investors. And so what ended up happening is a bunch of capital went into these companies and five companies serving the same customer set.…”
Mohnot: Emerging VC managers should execute a first close immediately
“Just close as soon as possible, like, then they, then LPs can take you seriously because you have a fund and you're investing.”