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.
why aren't all 27 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Dash: Jyoti Bansal is the Steve Jobs of infrastructure software
“Probably in some ways almost like the Andy Bechtelschein or Steve Jobs equivalent in, like, infrastructure software and what he's done with three companies in the last decade.”
Dash: Perplexity's early engagement rivaled Discord and Snap
“What I do remember though is we hadn't seen that kind of daily active usage and organic engagement since we had looked at Discord or at Snap.”
Dash: IVP passed on Zoom by underestimating cloud and overestimating Cisco
“What we got wrong on that one is we underestimated the sheer size Of the transition going on with sort of cloud communications. And we also probably overestimated the ability of the incumbents, namely Cisco and others to beat the startups.”
Dash predicts India will produce enduring public tech companies from COVID era
“I actually predict there will be in India in particular not just more unicorns form. Cause I think the concept of a unicorn is a little bit myopic. It is a private market mark, private company valuation that a investor puts. To me, the sign of true ecosystem s…”
Dash: IVP passed on DoorDash in 2017 over negative margins
“The reason we missed it was, and I take responsibility, when we looked at it, I think it was, ah, the summer of 20 17 or 18, At that time, they were launching in cities, and the economics were not great. There were negative gross margins. There were not too ma…”
Dash: Over half of headcount at some IVP portfolio companies is in India
“And if you look at the headcount of some of our companies, more than half are actually in India, right? And it's not back office. It's a lot of the innovation, the founders, they live in India.”
Dash: IVP co-led CrowdStrike investment at a $3B valuation
“We didn't think when we backed CrowdStrike, you know, our entry price was three billion in the big round that we did. We co-led that round.”
Dash: M&A and PE will drive startup liquidity over IPOs
“I think what we're going to see more of is acquisitions by private equity firms and other startups, mergers, and of course, strategics being a form of liquidity versus just the IPO.”
Dash: IVP invested in Abridge at $3M ARR in January 2024
“A bridge was January, 20, 24. It's funny how much has happened. I still remember certain things. I believe when we invested the company was only at three million of ARR.”
Dash: IVP operates as an equal-vote partnership with no managing partner
“There is no CEO of IVP. There's no kind of managing partner. There's no super management company. It's a very simple structure, which is in every fund, the partners, one partner, one vote, it's what a true partnership means, right? Even if you're young and sta…”
Dash: Datadog, CrowdStrike, and Rubrik can reach $1B in ARR
“Many times we do get involved in companies where they not only reach a hundred, but they have a path to a billion of revenue or ARR, as we've seen with Netflix, and we think that potential exists with, Datadog and CrowdStrike and many other companies that are …”
Dash: Three IVP portfolio companies entered the S&P 500 in 14 months
“We had three companies in the last 14 months enter the S&P 500. CrowdStrike, Datadog, and Coinbase.”
Dash: IVP deploys roughly $500 million of capital annually
“We deploy about call it half a billion a year.”
Dash: IVP strictly deploys funds over three years despite market hype
“Every Monday they said, I know there's a temptation to want to put more money in, but we told our LPs we have to invest over a three year time horizon. We're on that time horizon. We don't want to go faster. So we've been pretty judicious with how we do that.”
Dash: IVP typically invests two years after first meeting a founder
“We typically invest about two years after we meet a founder or get to know them.”
Dash: IVP led Perplexity's Series B at a $500M valuation
“I believe it was in the fall of 2023, we led the series B round. It was around the price, as you said. I haven't done the exact dilution math, but somewhere around there.”
Dash: IVP avoided early OpenAI due to its capped-profit structure
“The original structure of OpenAI was such that I think it would have been difficult for us given the cap on the profits as well as the nonprofit structure.”
Dash: IVP invested in Twitter, Snap, and Discord under $1B valuations
“We were Series B investors in Twitter and Snapchat a little bit later in Discord, but all of which we did well below a billion dollars in venture price.”
Dash: Hello Heart is approaching $100M ARR after 2021 investment
“When we invested, they were at ten million of ARR. They're on the cusp of breaking through a hundred”
Dash: Perplexity had 20 employees when IVP first met founder
“I believe the company was about 20 employees. They had just launched early versions of the Perplexity product. It was still in beta, and it was still pretty small”
Dash: IVP and Elad Gil co-led an Abridge round
“We just co-led a bridge together, you know, about a, about nine months ago at one of the rounds there.”
Dash: Perplexity is IVP's core bet in consumer AI
“We are investors in perplexity and obviously like for that's been our bet in that space and consumer.”
Dash: IVP diligences 200 startups annually and invests in 12 to 14
“See for us, I think what we look at about a thousand a year. We seriously diligence and do work on 200, and we only as a firm do 12 to 14, each of us individual partners is one to two, right?”
Dash: 20 IVP companies saw COVID tailwinds while 6 to 12 faced headwinds
“Our portfolio is about 85 or so active investments, and within that we see probably about 20 of our companies that have seen marked tailwinds, accelerations that we didn't expect, we didn't predict, We see about half a dozen to a dozen that have seen tougher t…”
Dash: IVP makes its first completely remote investment via Zoom
“IVP has you know, made our first investment, which we're announcing in a few weeks, completely remote. We met the entrepreneur through Zoom. We did diligence virtually, and we are leading a pretty big round in his company.”
Dash: IVP and Benchmark co-led Twitter's Series B at $200M valuation
“I think perspective led us to leading the Series B of Twitter in February of 2009. The world seemed, the financial markets seemed like they were going to end, and valuations were plummeting, and in that, we and Benchmark Capital co-led around in Twitter at aro…”