Our goal is to invest in the best early-stage technology companies before they become popular.
We believe the best opportunities in life can be found on the road less traveled - and especially so when it comes to startups. Because innovation usually emerges on the fringes, or challenges the status quo, the highest returns often result from taking positions that are "non-consensus and right." Most of the startups that changed the world were unpopular in the beginning - including Google, Airbnb, and many others. Our aim is to support the category-defining companies of tomorrow, that probably aren’t obvious today.
To this end, we partner with outstanding teams who create new markets, pursue ideas which others initially dismiss, conquer overlooked geographies, operate in underestimated verticals, or take on challenges with daunting odds. All of our portfolio companies have the potential to grow at least 100x. We help them turn their visions of the future into reality.
Although we venture off the beaten path, startups we backed early on have raised follow-on financing from some of the best investors in the world, including Sequoia Capital, Andreessen Horowitz, Founders Fund, Index Ventures, First Round Capital, Initialized, Floodgate, Craft Ventures, and many more top-tier VCs.
We started as a syndicate in early 2019, launched our rolling fund in 2021 - and now invest from both of these entities simultaneously. We have invested $58M across >300 companies, which has grown into $152M of AUM. Our check size ranges from $25k to $1M.
You can find our last Quarterly LP Update here, and our last Annual Update here - both of which contain much more detail on our investments and performance metrics.
If you are interested in investing in our fund, rather than our syndicate, you can find our Rolling Fund here.
This excerpt from Jeff Bezos’ 2015 shareholder letter mirrors our own investing philosophy: “Most large organizations embrace the idea of invention, but are not willing to suffer the string of failed experiments necessary to get there. Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments.”
This thinking aligns with our approach here at UV, and with that in mind, you should think of us as a particularly “high beta” fund and syndicate. We are probably going to be wrong more often than other leads you will find on AngelList. But because we are taking such non-consensus swings, we will also hit particularly big home runs. This is already showing up in our returns. Despite being only a little over 4 years old, we already have one investment up over 100x and several more up over 10x. Given that we aim to hold our best investments for 10 years, we expect these to grow even further.
Scout Program: we share carry with LPs, portfolio founders, and friends who introduce us to companies we invest in. If you would like to refer a company to us, please take a look at our Scout Program Guidelines.
We will syndicate investments when our allocation is large enough. Our Rolling Fund gets first access to all of our investments.