137 Ventures

“When we started OneThirtySet Ventures, we continued to invest really many times over the last 16 years. So, I don't actually know what the total count is, but we're, we've probably made two dozen investments in the company since we started the firm.”

“I actually think our first investment was in Palantir. I might have to go check with that, but I actually think our first investment was actually in Palantir.”

“We looked at probably every SpaceX, or every space investment for, I don't know, 1520 years, and the good investment was SpaceX, and I think a lot of people thought, well, we should go invest in all these other things, and the answer is, you should invest in S…”

“I mean, in all honesty, like, we haven't, you know, invested in any of the, you know, big foundational models.”

“They've really shared equity across the entire company, which is incredible. And to your point, they have lots of people on the shop floor who literally make all of the stuff that matters. So the fact that this is life changing for so many people, I really thi…”

“In particular we had, the firms that led the round are One through Seven Ventures and Banner VC.”

“That's a real big endorsement coming from somebody who runs more than one percent of SpaceX.”

“Obviously I'm still going to be extremely bullish for just the opportunity within aerospace and defense for, you know some of our largest positions like SpaceX and Andrew.”

“We've been long time and real investors and they have tweeted a ton about fake allocations in their primary rounds being marketed to investors.”

“SpaceX has raised ten billion dollars in primary over its, you know, 23 years of being around as a company. They've been running, you know, two tenders annually that, you know, total like more than a billion and a half dollars a year for a long time.”

“The best companies want to control their cap table. The best companies have unlimited demand. Right. And so in that essence, you don't need a broader market to have random buyers and sellers to do price discovery. Right. And so I think the best companies gener…”

“A lot of them are noise. They're not signal, you know, transactions and a lot of those transactions are uninformed buyers and uninformed sellers. As an institutional firm, we don't pay attention to them and the best companies don't either.”

“And I think you'll see a wave companies going out starting this year and continuing through next year.”

“Investor needs for liquidity sometimes will be a forcing function for companies to go public. Like I mentioned, not every company has the ability to run a liquid market effectively or a semi liquid market, like some of these companies we mentioned earlier.”

“He had some available back in twenty-fourteen at like a, you know, six billion dollar valuation, so we put some money in at that valuation.”

“Focusing strictly on ownership percentage really, I think, blinds people to opportunities that may be much larger, and they just can't get over the hump from a process perspective to make those investments.”

“We structure these things as loans, so we can avoid repricing the foreign day of the business. We can make it more tax efficient for folks. We can allow people to maintain voting control.”

“Most of what we do Which are the loans that you're alluding to is basically a non-recourse loan. The person we're doing business with is going to put up some shares as collateral for that loan. The loan's non-recourse. And so they're not taking risk beyond the…”

“The biggest position obviously goes back to the time I was a founder's fund with SpaceX. You know, we're large investors in Gusto and Flexport and WorkRise. I think Curology rounds out probably the top five portfolio companies for us today.”

“I'm not sure that the fact that there's all these IPOs really changes people's need for liquidity or is dramatically changing the duration that companies are staying private for... So the IPO market isn't fundamentally changing the need or desire for liquidity…”

“The benefit of being a private company is getting to choose who your investors are and who do you want to work with and who do you think is going to be a good long-term partner. And That's not always about price. It's not necessarily the number one considerati…”

“People forget that in times where capital is easier, hiring is harder. And so people have traded one problem for the other, which is that it's much easier to raise money today at quite good prices, but then you're turning around and trying to hire people. And …”

“Like valuation matters. Right. And you don't want to let things like valuation sort of influence your decision on whether or not you want to be in the company, because that will lead you to investing That may not meet your bar because it's a quote unquote grea…”

“Price doesn't matter unless you're off by five X, in which case then price is the only thing that matters.”

“I mean, we run our portfolio to be sort of a dozen core positions for this exact reason, right? You don't want to dilute all of your good returns with a bunch of other noise.”

“You can't put the same revenue multiple on a 90% gross margin business with super high operating leverage as you would, you know, a company with 40% gross margins and less operating level. Like if you do that, you'll just never make any money. And eventually t…”

“And they will then, and I've watched entrepreneurs do this consistently, turn down acquisition offers that would put huge amounts of money in their bank account. And that's really ultimately To the benefit of the venture investors, because they really want to …”

“I worry about people getting so much liquidity that they sort of never have to work again. And that number can obviously somewhat change depending upon who you are and your family and where you live and a bunch of other factors, but there's always something th…”

“SpaceX probably wins this for me. I mean, it will probably be the investment that defines my career. We've been invested since 2008 back before there ever been a successful rocket launch. And we've just continued to build that position over time. And, you know…”