Levine: 18 of 25 mature Accel seed deals successfully raised Series A
“So every deal we'd done at the seed stage in three years, we'd done about 40 deals, and we termed 25 of them at maturity. So 15 of them were still too new at the time we did this analysis. So they were like, you know, six months in, so they weren't looking to …”
Levine: Accel bought 20% of Sentry at $6M, 25% of Scale
“The first investment I led in Century was at a six million dollar post money, and we purchased about 20% of the business. That was five years ago. Scale, the first deal was at a fifteen million dollar post money, and we bought 25% of the business.”
Levine: Accel typically buys over 10% ownership in seed rounds
“So typically in our seeds, we're buying over 10% of a business.”
Levine: Individual personal branding within a VC partnership hurts firm cohesion
“I'm very nervous anytime somebody tries to develop an individual brand at a venture firm, because I really believe that it's a team sport. I really, really, really fundamentally believe that you need a group and a partnership, and it makes everyone stronger.”
Levine: Investors make the most money in a market's second or third inning
“And so a lot of markets, when people think, oh, that's new, it's interesting, that's actually not when you make the most money as an investor. You often make the most money in the second or third inning or later of a market, because all of a sudden the market …”
Levine has never invested right around the $1M ARR threshold
“As far as I know, I have not once done a deal right before, right after hitting a million dollars of ARR.”
Levine refuses to invest in unlikable founders despite potential financial returns
“There's a lot of ways to make money backing people you might not particularly like, and I effectively will forego those.”
Levine: Liquid, Fast-Moving VC Markets Favor Established Market Leaders
“A very liquid market where things move quick tends to bias towards market leaders over periods of time”
Levine: Y Combinator provided $17,000 in summer batch funding for Chartio
“Back then, YC gave us 17,000 dollars for the summer, and I had no savings, so I was broke.”