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
18
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
How to sell code and patents
In 2017, we had a death in the portfolio. Once all the employees left, the only remaining assets were some patents, servers, domains, and a lot of code. Recently, we managed to sell that intellectual property (“IP”). Here is what we learned. Set expectations. The value of IP is a small fraction of what…
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The best metric in SaaS – Contribution Margin
Contribution margin is one of the most important metrics in SaaS. It’s revenue from a certain set of customers (a cohort) less the cost of acquiring and servicing the customers over time. Customers are generally grouped into annual cohorts – in other words, customers acquired in 2011 are the 2011 cohort, those acquired in 2012…
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How to build pipeline – part 5
I read Trish Bertuzzi’s book ‘The Sales Development Playbook’ and it was by far one of the best sales books I’ve read in a while. The book focuses heavily on building pipeline with SDR teams. This is the fifth post I’ve wrote about this book: there was so much good information that putting it all…
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Measuring customer health in SaaS
In software, there are a few ways to measure the health of the customer base and stickiness of the product. Zuora does a nice job of showing four measures of customer health in their S1. Processed Transaction Volume Zuora’s first measure of the overall health of the business is processed transaction volume. According…
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