The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Garfinkel: Half of Arboretum's 15 Major Exits Were Within One Mile
“I think we've invested now in 50 or 55 companies. We've had about 20 exits, but 15 that were in sort of the five to 10 X range, and when you look at that, half of them are a mile from our office.”
Garfinkel: Venture Capital Skills Can Be Taught; Cultural Fit Cannot
“We feel we can teach anybody how to do venture, how we evaluate companies, how we help the board level. We can teach all of those things. We want to make sure they're a cultural fit from a personality standpoint and a work ethic.”
Garfinkel: Arboretum Will Probably Not Exceed a $250 Million Fund Size
“We probably won't go much bigger ever than two 50 because we find that that will be really hard to be successful because of the normal range of exits with our companies.”
Garfinkel: Arboretum Lost $10M After Sonitus Failed to Get CMS Reimbursement
“And when we couldn't get reimbursement approval, it killed the company, so we had to shut it down. We lost ten million dollars.”
Garfinkel: Arboretum Returns All LP Capital Before Taking Any Carry
“We return all the capital first to our investors, and then we get into the carry.”
Garfinkel: Hiring Pure Investment Bankers Did Not Work Well for Arboretum
“And when we've tried to bring in people that are just like bankers, that hasn't worked out nearly as well for us.”
Garfinkel: Device Reimbursement Path Adds up to $50M in Development Costs
“If we have to also go through the reimbursement path, it will add another up to fifty million dollars to that company's development and timeline, but cost to develop that product to get reimbursement approval.”
Garfinkel: Arboretum Lost Trust in Founders Only Twice Across 55 Companies
“It's happened to us twice where we've invested and the company's gone sideways and it would, we really lost trust in those CEOs only twice out of 55 companies, which is pretty amazing, but it was enough for us to learn.”