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
13
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
The right approach to SaaS onboarding, CS, sales, and patents
Last week we met with a SaaS business that in our view is doing literally everything right. Below some of my notes which I think any software executive will find helpful. Customer Success. At this company, customer success reps are specialized by industry so that they can speak the customer’s language and develop some…
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Will you be the CEO at exit?
When you finally exit or IPO, will you be the CEO or will someone else be running the company? It’s a great question so we dug into 105 IPO’s to figure it out. Specifically, we looked at the CEO at the time of IPO/exit and compared it to the list of key founders to determine…
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The Series A Report
What valuations are founders asking for when they raise their Series A? Since May 2018, we’ve had conversations with 275 companies about their Series A rounds. Below is aggregate data on these 275 raises with names redacted to preserve confidentiality. Figures like revenue, valuation, and round size are medians from conversations with founders. Remember the…
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The state of consumer tech valuations
We follow 59 publicly traded consumer tech companies (B2C) in industries like social media, marketplaces, subscription, and ecommerce. Given the diversity of industries, the multiples vary (enterprise value/revenue). Below is the data along with a few observations. Social media’s slide has paused. The median revenue multiple is now 7.8x, up from 6.5x in…
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