The Ledger
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Zal Bilimoria Believes Engineered Biology Is Eating the World
“We believed, Biology is eating the world. Literally every portion of it.”
Engineered Biology Will Replace Petroleum in Consumer and Industrial Products
“We're going to really be able to remove petroleum, which is the key input into a lot of these products, and use engineered biology to create a much safer, healthier, and really, really a long-term planet for us.”
Solugen Produces Hydrogen Peroxide Using Only Air, Water, and Plant Starch
“And so Soligen figured out how to eliminate petroleum for the production of hydrogen peroxide using only air, water, and plant starch.”
Andreessen Horowitz Sent NPS Surveys to Every Founder Who Pitched
“So all founders that interacted with A-Six-Z in a pitch setting, so regardless of us investing or not, would receive a short survey with one important question. Would you recommend A-Six-Z to friends and colleagues based on the interactions you had with this p…”
Zal Bilimoria Says Extreme Curiosity Is the Most Important Investing Trait
“And then the second thing I learned at A-Six-Z is how to be an insanely curious person, and why that's the most important thing about investing.”
Refactor Capital Prefers Scientific Founders With Clear Go-To-Market Strategies
“These founders who are scientists, especially that we spend time with in biology, especially need to have strong answers on these go to market questions. We of course help our founders in these areas as well, but we'd much rather see founders go from one to a …”
Scientist Founders Must Be Great Storytellers to Build Enduring Companies
“I think the scientist founders we meet have to be incredible storytellers. They need to be able to tell amazing stories to investors, which reduces financing risk, but they also have to be able to tell amazing stories To customers, to talent that they want to …”
Refactor Capital LPs Support Alternative Funding Structures for Deep Tech
“We're lucky enough to have some very wonderful LPs who are open to different funding structures to finance these companies.”
Average Time to Exit for Seed-Backed Startups Exceeds Ten Years
“The typical tenure fund life cycles are pretty hard, especially for seed investors that are writing those super early seed checks and time to exit time to IPO is maybe sometimes greater than 10 or 11 years now on average.”
More Than Half of Hard Science Startups Will Go to Zero
“You have to assume that more than half of your companies are going to go to zero, and that's no different when it comes to biology and other harder science companies.”
Bio-Industrial Startups Reach Product Launch Much Faster Than Therapeutics
“The idea of being able to actually create value in these companies can actually be much more rapid. They have the ability to launch products within the first few years after receiving seed funding versus a therapeutics company, which might take much longer.”
Very Few Dedicated Seed Funds Lead Rounds in Deep Tech
“Yeah, there's certainly a lot more capital and deep tech at the venture and the growth stages of investing. So let's say series a and beyond, which is really fantastic news for us at refactor, but we haven't seen many dedicated seed funds in these areas, espec…”
Series A Investors Demand Far More Traction Than Five Years Ago
“Some of these larger series A's as we've been seeing really do require quite a bit of commercial traction nowadays versus maybe even five or seven years ago.”
Andreessen Horowitz's Early Investment Team Was Mostly Product Managers
“What I loved about A-Six-Z is that everyone had operating experiences of different kinds, especially on the investment team, which was mostly made up of PMs at the time.”
Refactor Capital Plans to Invest in 40 to 50 Companies Per Fund
“If we're going to invest in 40 to 50 companies in this fund, one of them has to be the breakout winner, and a few of them have to be able to, you know, cobble together another one X, let's say.”