The Anti-VC
We're the Anti-VC. We're not unicorn hunters and don't believe in high burn, uneconomic models that reach for market share. We look for solid businesses built by founders who are cash efficient, scrappy, and pragmatic. We focus on companies with $2mm+ of run-rate revenue and year over year growth of 50%+. We'll invest anywhere in the US or Canada, especially in markets most venture capital firms overlook. We prefer leading $1mm to $10mm Series A or B rounds, but can also follow. We like plain-vanilla preferred stock in traditional growth rounds, inside rounds, recaps, secondaries, and restructurings.
Who We AreThe Numbers
19
Companies Funded
15
Invested
1
Check Size
3-4
Decision Process
Our
Portfolio
Our portfolio is diverse and includes HR software, app tech, parking, sales and marketing software, apps, greeting cards, dating, e-commerce, and healthcare software. We love tech, but will invest in low or no tech opportunities that scale.
See Our Full Portfolio
Net vs gross dollar retention stats
Dollar retention is the most important measure in SaaS. There are two ways to measure it: gross dollar retention and net dollar retention. Gross dollar retention looks at how much of the customer base you’ve kept year over year without including upgrades. Formulaicly, it’s ARR – downgrades – churn all divided by beginning ARR and…
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The early exit of Zcruit
We had the chance to speak to Ben Weiss, founder and CEO of Zcruit. Zcruit was acquired by Reigning Champs in November 2017. Ben shared his story with us and lessons from his journey are below. What is Zcruit? Zcruit helps colleges sports teams access information on recruits. Ben started working for the Northwestern football…
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Venture capital trends – the data
We just received Dow Jones VC Edge report for Q1 2019. The data is excellent and shows the data behind trends in venture capital. What are the trends? i) the market has never been more awash with venture capital; but ii) the number of deals being done isn’t growing at the same rate. As a…
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net dollar retention needs to be 109%+
One SaaS metric we monitor closely is net dollar retention. It measures what percent of revenue you retained from the prior year after accounting for upgrades, downgrades, and churn. Formulaically it’s beginning of period revenue + upgrades – downgrades – churn all divided by beginning of period revenue. If that formula yields a number greater…
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