The Ledger, every show

“But those businesses will clearly disrupt the square space and the web flows and et cetera.”

“No, what you mean is I've never none of my deals have ever gone to zero.”

“Together is a good one, where we were in the A in 15 months ago, they were at two million revenue. The business is now north of a hundred million revenue.”

“On the average, I think they'll disappoint. And I think there'll be outliers that are better than we expect.”

“I do think that you're going to see a lot of specialized LLMs. And I think that a lot of them will come from open source back to the earlier point.”

“I believe that B to B software, I believe software vendors have an important role in the future, even if the bolts of the world, the curses of the world make coding cheap, easy, in some cases free.”

“75% of the fortune 500 still run their core applications on refrigerators in their closet.”

“In fact, likely that some big enterprise is going to deploy an agent and the agent's going to do something really bad”

“Eric himself was miscalculating churn. Specifically, he was counting upgrades from, you know, low tier to high tier as churn. He was counting pausing as a churn. And so he was unnecessarily burdening the business with churn.”

“Which was the biggest outcome that it was the highest multiple ever paid by private equity for a software company. Companies required for 2.3 billion dollars.”

“I think there will be consolidation, there will be private equity, and there will be a few that reinvent themselves. There will be a few that are nimble enough to figure out how to adapt to the new era, but I think most will get consolidated.”

“We're seeing examples like Bolt, you know, which went zero to 20 in two months”

“The vast majority of founders of firms, when they retire, they retain a meaningful portion of the ownership of that firm.”

“The dollars in capital, we've returned a little over eight billion dollars in cash.”

“One out of five have gone on to raise rounds at north of a billion dollars.”

“One out of 10 of our early stage investments have gone public.”

“It was competitive both because the, there was early growth, but also because the company was profitable. And so we didn't have to raise capital.”

“Savior is too strong of a word because most private equity outcomes don't generate incredible returns for the VC. So savior is not the right. It may be savior in the sense that like would get your money back. The sales loft outcome was an awesome one, but that…”

“So what it means is that for every investment we make, every partner does reference calls. Every partner calls customers. Every partner calls management references. Every partner does backchannel references.”

“Most of our application layer companies that are providing applications on top of these products are seeing gross margin increase over time because of that competitive dynamic.”

“When we made the investment in Viva, a CRM for pharmaceutical companies, the entire market for that was four hundred million dollars globally.”

“I tend to think next year. Like, I think there's enough uncertainty in the market right now, particularly in the macro and the political situation that there's a lot of people that are nervous. So my best guess would be like the beginning of next year.”

“I think Microsoft, and the reason that's the case is because I'm obviously long B to B software, and that's probably the best index.”

“The company's now north of a hundred million in revenue.”

“And in addition to contract management, which is a much, you know, bigger thing, we also have this AI product that we've built. It's called Jurist, which is a Harvey competitor. It's pretty cool. And it's grown real quick.”

“Nine out of 10 of our deals have gone on to raise successful following rounds.”

“There was a Series A in a company called Regal.ai. It was very hot. I think he had Six term sheets from top venture firms. Company had grown from zero to, I think it was one and a half million in a year, which pre AI was like very, very good.”

“In our last fund, in fund five, we did this analysis. We knew the founders on average, 13 months before we made the investment.”

“Stripe did this seed. It was the, I think was the very first deal that Stripe did as a seed investment.”