This is going to be BIG.

MAY 5, 2023

I understand that now, being an investor in companies that have over 100 employees, closing in on $100mm run rates, where it’s been a long time since I was a Board Observer and most of their interaction is with the bigger, later stage investors that came after me.

Later Stage 218

Later Stage Venture Capital Term Sheet Limited Partner 218

This is going to be BIG.

MAY 9, 2022

5) Is the post-money on your last round north of $30mm and you’ve yet to show meaningful and repeatable revenue traction that comes with positive contribution margins? 3) Do you need to raise a large amount of growth capital in 2022? 4) Are you struggling to get to unit profitability? If so, yeah, then I’d say I’d be concerned.

Stock 97

Stock Marketing Valuation Later Stage 97

Ben's Blog

AUGUST 17, 2020

OH in South Park, San Francisco (or on Zoom from Big Sky, Montana): “OMG, crazy – that firm just paid 100x revenue to invest in [insert hot startup here] – what could they be thinking?” Multiples are not only used to value companies today but also to value companies several years down the line.

Valuation 36

Valuation Balance Sheet Cofounder Forecast 36

View from Seed

JANUARY 26, 2016

These are well known , so I won’t go into much detail but: The combination of the capital efficiency of early stage software companies, the increase in VC fund sizes, and the rise of institutional seed funds created a fairly different early-stage landscape in the following five years. (I

Seed Stage 120

Seed Stage Early Stage Cofounder Finance 120

This is going to be BIG.

MARCH 30, 2015

Would you be surprised to know that almost half of the dot com companies founded when the boom started in 1996 were still around in 2004--four years after the peak of the NASDAQ? Because companies today have way more revenues than the companies that went public or had huge up rounds back then.

Hockey Stick 60

Hockey Stick Valuation Startup Maryland 60

Both Sides of the Table

MAY 24, 2021

It has historically been the case that VCs would rather fund the promise of 100x in a company with almost no revenue than the reality of a company growing at 50% but doing $20+ million in sales. This “overnight success” was first financed in 2004. It literally drove FOMO. By any external benchmarks this will be a $billion++ company.

Venture Capital 363

Venture Capital LP Valuation Later Stage 363