Drift became Goldcast's first major customer via an investor event
“So our first big customer was Drift that we signed because they spoke at underscores event, like the CEO, David Kanceli spoke at underscores event. That was hosted by Goldcaster and underscore was our investor.”
Underscore VC shares carried interest with community advisors
“First of all, we're going to take a chunk of our carry, and we're going to make it accessible to what we call our community, which is the cause.”
Underscore VC's inaugural fund is backed by a $40B+ LP base
“The fund has been oversubscribed very quickly. We were able to select the VC, sorry, the LPs who really understood the model and wanted to get behind it. I'm happy to tell you that, you know, that's well over forty billion dollars worth of capital in the found…”
Skok: Underscore VC founders committed 5x traditional GP capital
“I mean, we put five times as much capital in individually as the founders here than would traditionally be the case.”
Underscore VC commits $5M Series A checks alongside initial seed funding
“We'll give you a seed check to get the initial team together, but we'll also do something we've called vector funding, which is right. Very clear basis for them, for the entrepreneur to go from seed all the way through to series a and commit to that series a, …”
Skok: Category-creating startups begin by addressing latent, unrecognized customer needs
“In many instances, if you're creating something, you're going to start at a latent aspirational level. You really won't have customers begging for what you're doing because you're creating it. They don't know they have that need.”
Michael Skok: Early-stage startup valuation is a stunningly stupid concept
“Well, first of all, valuation is just a stunningly stupid concept. Who on earth can value a person? I can't. And at the stage that we're working at, we're valuing people.”
Underscore VC runs diligence and deal flow transparently in the cloud
“In fact, our core members, when they're investing with us, get to watch us and participate in a whole cloud based investing program, because the way in which we do our investments is, you know, we eat our own cooking here. So everything is in the cloud because…”
Skok: 11 Underscore community members co-invested in Mautic alongside the firm
“11 of them wrote personal checks alongside us, which made it very easy for us to, you know, write our check and commit to the thing.”