The rolling fund will participate in parallel to any early stage (Series A and earlier) venture investment I make on the exact same terms as CC2.
As of Jan 5,2023 my gross IRR is 45.51% across $86m deployed over the last eight years.
On request I am more than happy to make the spreadsheet of individual investments with marks available.
Strategy: At my core I am an entrepreneur. I love the process of building companies and spend as much time as I can with entrepreneurs. My investment strategy evolves from that deal flow.
Most of the time I am waiting around the rim looking for the first indication of product market fit. I am quite comfortable investing before this shows up in month over month metrics - once that happens the rounds become hyper competitive and alpha is significantly decreased. The key for me is the articulation of value in the minds of customers.
Once I am involved with a company I like to selectively invest over the lifecycle when it feels the risk reward ratio is correct. I like to say I invest from Seed to C.
Focus Areas: I invest in three types of deals. The first group are founders I know well; in this business founders are everything. I am very comfortable backing superstars based on little more then their involvement (though that rarely happens as they almost always have a great idea.)
The second group is sectors where I have a great deal of experience such as ad tech, marketing, email, saas, some consumer tech and data. I look hard for original, defensible ideas that have the potential to become huge. I would rather lose on a bunch of companies than to miss out on one of the big ones. This is a business of swinging for home runs and being comfortable with striking out. Cruise Automation is a great example of this strategy. When we invested in Cruise a lot of folks thought it was a weird investment; six months later it was sold to GM for a billion dollars
The third type is where I can spend a great deal of time with the entrepreneur and build a longitudinal understanding of them as individuals and the dynamic of their markets. As Mark Suster correctly points out, it is much easier to invest in lines vs dots.
Here are a couple podcasts where I discuss my investment thesis and approach:
AngelList syndicate: One of the my biggest superpower’s is the amazing AngelList syndicate I am blessed to have as a partner in this journey. Over two thousand awesome people are now part of the syndicate with a diverse collection of industry executives, engineers, PMs, investors, founders, and every other background you could imagine. They serve as a source of deal flow, diligence, market information, feedback and most importantly they tell me when I am being stupid. Why have a couple partners when I can have two thousand?
The investments and returns data above and accessible via external links may include investments made off of the AngelList platform. As such, AngelList has not taken any action to verify such data and makes no representations as to its accuracy or completeness. All investment value estimates and return multiples are calculated net of any fees, expenses or carry. The outcome for any unrealized investment is highly uncertain. For additional information, including calculation methodologies, please contact the Fund Lead directly. Past performance is not indicative of future returns.
Any companies and venture partners featured above and via external links are referenced due to their notoriety in the startup and venture capital community. These references are provided for illustrative purposes only and are not an exhaustive list of all investments made or involving the Fund Lead. A full list of the Fund Lead’s investment history will be made available upon request.