Going from a proof of concept fund to an “institutional” venture fund

Going from a proof of concept fund to an “institutional” venture fund

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of venture and start-ups. Over the past several years, we’ve spent considerable time studying and writing about the rapidly evolving emerging manager venture landscape. As illustrated by the chart below (data courtesy of Pitchbook , combined with our own data tracking), the propagation of new firms has intensified in the last two years and since the beginning of...

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Tips to write a great venture fund pitch deck

We recently published an updated list of US based Micro-VCs and as of today, we count over 600 active firms. Unsurprisingly, for those fundraising, standing out from the pack is an increasingly difficult endeavor. As most Micro-VC’s don’t have the luxury of long and prolific investing track records, managers must convince prospective investors to invest only using limited data points and projections to support a given thesis. One of the...

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What it means to be differentiated as an Emerging VC

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. It’s clear through the first half of 2018 that the pace of new Micro-VC firm formations hasn’t slowed (and in fact appears slightly ahead of 2017’s record pace). Understandably, sophisticated LPs that allocate to emerging managers are laser focused on finding managers that can demonstrate meaningful differentiation prior to...

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LP survey results: What LP’s are saying about emerging venture manager funds

LP survey results: What LP’s are saying about emerging venture manager funds

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. This post serves a part one of a two part series that Beezer Clarkson at Sapphire Ventures and I are co-authoring to help VC’s (specifically emerging managers) navigate through fundraising cycles and engender better and more relevant relationships with LP’s. During the 3rd annual emerging manager focused RAISE conference, I...

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Realistic fundraising targets for emerging managers

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. The recent article I posted about the current fundraising environment focused primarily on the macro conditions driving limited partner appetite into emerging fund managers, which of course, are nearly impossible to control or predict with any effectiveness. While market conditions are uncontrollable, it’s critical that...

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Why a fundraising winter is coming for Micro-VC’s

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. Recently, I received an email from a seed fund manager inquiring about current Limited Partner appetite for investing in new seed fund managers. The query was in response to a declaration made by someone closely connected to LP’s that the current fundraising environment for venture is worse than what we saw following the...

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Deconstructing the seed round implosion

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. The recent TechCrunch article illustrated a stark downward movement in the total number of venture deals completed over the past few years, something that those intimately close to the venture market have experienced first-hand. The data supporting this shift may surprise some when seeing that annual deployed capital has...

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Why Fortune favors the bold in Venture

Why Fortune favors the bold in Venture

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of early stage venture and start-ups. With the number of seed funds rising daily, I often get asked the following two questions: 1) Is there too much institutional seed capital? 2) Are there too many seed funds? While often conflated, these are two very different questions. Is there too much seed capital in venture? No, I don’t think there is too much...

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“Raising a venture fund versus starting a venture franchise?”

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of venture and start-ups. It’s an immutable fact that delivering strong returns are necessary in building an enduring venture franchise. In my last post, I discussed the three important components of investing (sourcing, picking, and winning) and how managers should assess their differentiation around those items. Most new venture managers consider these elements...

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Things to think about before launching a venture fund

Follow me @samirkaji for my random, sometimes relevant thoughts on the world of venture and start-ups Along with the reasons I’ve previously discussed, this list and chart below clearly suggest that becoming a venture investor (or more specifically a seed stage VC) is easier than it’s ever been. Yes, fundraising is hard, but with patience and pragmatism, the barriers of entry are low for new entrants. 500+ seed funds! While entering VC is...

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