Series A

“What used to be an A round is now a seed round, and what used to be a B round is now an A, and so essentially the round sizes have gotten bigger. So an A round, and I'm using air quotes here, but in the old days, right, an A round was three to five million dol…”

“The only thing that we go in looking at it from an underwriting perspective is we look to underwrite series A exposure to a three X net, which means we want the funds to be able to produce that, and then we can get into portfolio construction and see the bar i…”

“Listening to the number of managers, like GPs now talk about revenue, and that happening, and the folks at Series A looking to see more revenue metrics, it actually feels, I know it's a bit of a, like, return to an old new thing, but it's a bit of a new new th…”

“If you look at capital markets in the last 10 years, excluding crypto, probably the most important Thing, or one of the most important things has been the private companies are staying private a lot longer before going public. And all of that wealth creation i…”

“Increasingly you're seeing every large firm raise a seed fund because they want to get in sooner to get that ownership and be able to write that big check and preempt the series A.”

“We don't like investing in later stage venture. We believe in venture, you need to be early, or you need to be a series A brand name manager and early, whereby you secure your ownership and knowledge of the businesses very early.”

“When you look at us doing a series A deal into our own portfolio, we decided to put a few principles in place to avoid any conflict of interest. So first of all, we don't lead rounds into our own portfolio. So there are many multi-stage funds that could lead a…”

“Now, what we've seen over the last decade or so is so much capital coming to the market. Maybe there's been an incremental increase in the number of good companies created every year, but it's not kept pace with the amount of capital. And so my thought process…”

“We are most excited about the truly early stage in the seed in NA, and as our size is relatively modest, at a 1,000,000,006, we can actually get access that's meaningful, and some of these smaller funds that can move the needle for us.”