View from Seed

JUNE 11, 2019

At this point, founders find themselves in a luxurious situation of being able to build the best possible syndicate. This makes sense, because it’s more likely that a firm with a weaker competitive position is willing to stretch and pay a price way above market in order to win what they think is a competitive deal.

Syndicate 202

Syndicate Syndication Seed Stage Lead Investor 202

David Teten

JANUARY 19, 2021

From RBI, Flexible VCs borrow the ability to reap meaningful returns without demanding founders build for an exit. Every Flexible VC structure allows founders to access immediate risk capital while preserving exit, growth trajectory, and ownership optionality. . Flexible VC 102: Variations.

Cofounder 78

Cofounder Technical Review Equity Dividend 78

David Teten

JULY 12, 2017

I thought it might be helpful to provide transparency on how we and many of our VC peers think about optimizing the cap table for our companies. . Although EquityZen is primarily an online marketplace for secondary shares in private companies, they also offer syndicated primary investments. Fundraising is burdensome.

Syndicate 60

Syndicate Syndication Institutional Investors LP 60

Pascal's View

JULY 9, 2017

While VC deals remain marketed on a pre-money basis, sophisticated investors know that what matters most is the post-money (how much of the company will I own after all of the new shares have been issued). The most serious unintended consequence occurs from “note waterfalls”— converting multiple notes that have multiple valuation caps.

Post-Money Valuation 49

Post-Money Valuation Valuation Cap Table Covenant 49

This is going to be BIG.

DECEMBER 3, 2020

The partner at the fund, the VC, gets to do the fun part—the meeting with founders, vetting deals, negotiating, helping, etc. However, the private markets are very different—with the returns being much more positively skewed towards a smaller number of bigger winners. So what’s the point? What check size is that?

Portfolio 134

Portfolio Syndicate Syndication Deal Flow 134

Haystack

AUGUST 18, 2019

If you’ve been following my tweets lately, you’ve read some of my quick musings on the state of the seed market this summer. years is not a long arc – I have not experienced a prolonged down market as a private investor. We know private markets hold the key to 100x or even 1,000x multiples. In short, in my 6.5

Seed Stage 108

Seed Stage Cap Table Early Stage Malaysia 108

OnlyOnce

FEBRUARY 9, 2022

In our prior lives, the Bolster founders worked together to scale up a business called Return Path and also. worked as advisors and mentors to numerous early stage founders and startups. The roots of Bolster Prime and Bolster Ventures pre-date the founding of Bolster. We are changing the way the startup game is played.

Silicon Valley 62

Silicon Valley Venture Capital Cap Table Early Stage 62