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 13 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
McAndrew: I maintain an anti-management consultant stance on founders
“And I'm always dubious about management consultants. You know, that's like, I definitely have an anti management consultant stance and she won me over anyway, which is impressive.”
McAndrew offers to invest $1M to $1.5M in Sundae pending diligence
“I work in a partnership, so I have three partners, but I would be very excited to jump into diligence, and my investment would be, I would say, at least a million. I would rather do 1.25, if you'd be open to taking more. I'd even go 1.5 if you would be willing…”
McAndrew proposes leading Jungle's seed round with $1.25M at $10M post
“I would look to lead this with something like 1.25 million at a 10 post, just because that's often where the valuation threshold is for us with the deals that we like to do.”
McAndrew: Edtech apps must charge semesterly or annually to survive summer churn
“Like, so I think you basically have to get people to pay for the semester, or for the school year, or pay the annual rate, otherwise you're gonna churn people out. Every summer or, and you're going to need to reacquire them.”
McAndrew predicts Jungle's seed round will close at a $12M–$15M valuation
“But my guess is this gets done At 12, 15, and it's, like, at 12, 15, and that makes sense, given where they're at, the fact that they did a pre-seed, but also just, like, the data”
McAndrew: Churn-heavy revenue growth inevitably catches up to startups by Series B
“When people talk about revenue, they're missing at least 50% of the story, which is there's revenue, and then there's revenue quality. If you have a bunch of revenue that's churning, any investor with their salt is going to look under the hood at your metrics …”
McAndrew: Technology Is Not a Brand and Smart Features Won't Sell Shoes
“People often make the mistake that the technology is the brand, and it's not. The fact that it's smart is not a reason enough to buy it, and I didn't get the sense of like, what's the feeling you want to give people when they buy this brand?”
McAndrew: $100M Fund Requires $1B Exit Potential for Every Deal
“One of the reasons that I rarely invest in beauty is because we have a hundred million dollar fund. And the way that we think about returns for our fund is we want the opportunity for every company that we invest in to have the opportunity to return our whole …”
McAndrew: Beauty's Capped Upside Rarely Fits Venture Capital Returns
“And with beauty, that's rarely the right path to go. And so what you're talking about with building the business up into the tens of millions of revenue, and then getting it acquired in the hundreds of millions of revenue, I think that that is achievable. I th…”
McAndrew: Baukunst typically leads pre-seed rounds between $750K and $1.5M
“We typically lead rounds like this with somewhere between 750 K and 1.5 million. That's really in the sweet spot for us.”
McAndrew: Grocery couponing companies generate billions in revenue
“And the scale of companies that monetize doing things in grocery, couponing companies with billions of dollars in revenue who are just putting a coupon in someone's hand when they leave the store. Like there's so much money to be made in and around this space.”