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
Cash efficiency is critical to exit
Cash efficiency is as important as growth, especially when you’re a fast growing, cash burning startup with limited capital. One measure of cash efficiency is revenue/total capital invested. When you’re in early revenue the metric will look abysmal, but as the business grows and realizes economies of scale (generally $2mm+ of revenue), the measure improves. …
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The amount of cash tech companies burn through to exit
What’s the level of investment needed to build a tech company that goes public? The data and observations from 127 tech IPOs are below. Software businesses needed $113mm of equity. On median, publicly traded software companies raised through their Series D before going public, raising $113mm of equity to get there. Note…
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Most companies exit by their Series D
How many rounds has it historically taken tech companies to go public? Based on the data from 124 IPO’s, the answer varies depending on industry. The data and observations are below. Software businesses need 4 rounds. On median, publicly traded software companies raised through their Series D before going public. Note however that…
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Measuring the health of your B2C business
For any B2C business, cohort performance is critical. A cohort is a set of customers acquired during a certain time period – for instance the January 2018 cohort is all customers acquired in January 2018. Specifically, key metrics in evaluating cohort performance include looking at the marketing spend it took to acquire the cohort, the…
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