职场创业

    今日:99| 主题:45556
收藏本版
IT、互联网、电子商务创业经验、建议、管理等知识分享。

[其他] Founder Collective easily finds $75 million for fund three

[复制链接]
不念不忘少年蓝 发表于 2016-12-1 07:06:58
84 3

立即注册CoLaBug.com会员,免费获得投稿人的专业资料,享用更多功能,玩转个人品牌!

您需要 登录 才可以下载或查看,没有帐号?立即注册

x

Founder Collective easily finds $75 million for fund three-1 (printing,acquired,investor,capital,company)
   Founder Collective , the seven-year-old, Cambridge, Ma.-based seed-stage venture fund, has closed its third fund with $75 million in capital from a small group of limited partners whose so-called anchor investors are the the firm’s three partners: David Frankel,  Micah Rosenbloom, and Eric Paley.
   “Unlike most funds, the partners are, in fact, the the single-largest investor in [our new fund]. So when entrepreneurs take our money, it’s really our money,” says Rosenbloom, who earlier in his career cofounded a 3D imaging startup that sold to 3M.
   Given Founder Collective’s success to date, we’re guessing that’s very much by choice. Consider that it backed the ad tech company The Trade Desk, which which managed to stage a billion dollar IPO in September. It was also an early investor in Cruise Automation, sold to GM earlier this year for a billion dollars; the 3D printing company MakerBot, acquired by Stratsys in 2013; the live streaming startup Periscope, bought by Twitter last year; the backend service Firebase,acquired by Google in 2014; and the private cloud service Blue Box, sold to IBM last year.
   Did we mention the outfit — which had closed its second fund with roughly the same amount — has stakes in privately held Uber, along with BuzzFeed, HotelTonight, ThredUp, FormLabs, Optimizely, PillPack, and SeatGeek?
  A little earlier today, we chatted with three partners about their new fund, and why they didn’t opt to invest a bigger fund this time around.
   TC: Founder Collective is industry agnostic, with bets that range from Sudden Coffee , which makes instant coffee, to  SeatGeek , an event ticketing marketplace. Are you geography agnostic, too, or do you tend to invest in primarily East Coast startups?  
   DF: Ninety percent of our investments are in four geographies: San Francisco, New York, Boston, and Southern California. That said, we’ve invested in companies in South Africa, the U.K., and Israel. One of our best investments ever is a company called Coupang , South Korea’s answer to Amazon, which recently raised $1 billion at a $5 billion valuation .
  TC: You’ve been at this for seven years now. What have you learned as investors that you might not have guessed would be true in your earlier lives as founders?
  MR: That founder-investor alignment really matters, meaning fund size, follow-on strategy, and just the chemistry match of founder and investor. Many founders don’t understand their investor’s strategy as well as they should, but it will inevitably impact their company. We try to be really explicit about [our positions on things] from the get-go.
  TC: What mistakes have you made since forming Founder Collective? Where have you had to course correct?
  MR: We’ve learned that party round syndicates with no clear lead are bad for entrepreneurs and for us as investors.  When no investor owns the outcome and has responsibility for helping the company, often the founders get no investor support from anyone.  We’ve found ourselves stepping into that vacuum, but the lack of investor advocacy underscores a long-term problem for the company.
  TC: Presumably you could have raised a significantly bigger fund. Why not do that?
   EP: We’re pretty opinionated about this and were thrilled to write a couple guest posts for TechCrunch on it. We think VC is a hell of a drug based on data from71 recent tech IPOs.
  If you look at the last five years of IPOs, the companies that raised the least money outperformed the companies that raised the most on the public market. Our data showed there was no correlation between the amount of funding a startup received and its ultimate performance. Capital doesn’t come with insights. If you can’t turn $1 into $10, it’s hard to turn $1 million into $10 million.  Overfunding hurts startups even in the best outcomes, and we don’t think it’s great for VCs either.
  TC: You write checks of between $200,000 to $2 million at the seed stage and . How much do you aim to own of a company at the outset? A lot of micro VCs tended to care about this less years ago, when they were first starting out, but most say it matters quite a bit to them now.
  EP: We typically write a single follow-on check in the Series A round and that’s it. We’re not lifecycle investors and think that focusing on later rounds actually dollar cost averages your returns down while misaligning investor interests with founders.  We really don’t focus on ownership percentage. We think it’s the tail wagging the dog.
  TC: You have a long list of venture partners, including Caterina Fake and Zach Klein. How do you work with them? They refer deals to you, then the three of you sort of make a decision?
  DF: We think some of the best investors are busy running companies full time. We also think that often the best entrepreneurs tend to check in with aspirational founders before soliciting capital. That’s why we’ve always tried to work closely with founders who are really well known and respected in their communities.
  On a practical level,  our founder partners invite one of us into a pitch meeting and actively engage in the decision-making process with us. We so highly value conviction internally, that if one of them is banging the table, chances are high that we’ll make the investment together.
  TC: Is there anything you plan to do differently with this newest fund?
  MR: We’ve opened an SF office, but everything else is the same as the past two funds.
  TC: Have you seen seed-stage valuations change at all in the last 12 to 18 months and if so how?
  DF: They’ve risen a bit, but looking at our data, we’re surprised by how little. We’re not sure if that reflects the macro environment, or just our aversion to deals with big sticker prices.
  TC: What are you expecting to see in 2017? Are you concerned about a Trump presidency? Do you think it will impact what you do in either positive or negative ways?
  EP: I’d say 2009 to 2010 was a pretty dark time as well, and that’s when we had the good fortune to invest in Uber and The TradeDesk, so we’re big believers in the ingenuity of entrepreneurs no matter the macro conditions. In fact, tech might be one of the most important ways we can preserve and enhance our freedoms.
友荐云推荐




上一篇:想要创业或者投资,懂点儿心理学都很有用
下一篇:Amazon has a shiny new startup accelerator to advance conversational AI
酷辣虫提示酷辣虫禁止发表任何与中华人民共和国法律有抵触的内容!所有内容由用户发布,并不代表酷辣虫的观点,酷辣虫无法对用户发布内容真实性提供任何的保证,请自行验证并承担风险与后果。如您有版权、违规等问题,请通过"联系我们"或"违规举报"告知我们处理。

神级存在 发表于 2016-12-1 08:31:23
为何我的眼中总饱含泪水?因为我装逼装得深沉。
回复 支持 反对

使用道具 举报

壹人天荒地老 发表于 2016-12-2 07:35:27
不念不忘少年蓝看起来很有学问!
回复 支持 反对

使用道具 举报

香萱 发表于 5 天前
顾客不是上帝,顾客只是上当。
回复 支持 反对

使用道具 举报

*滑动验证:
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

我要投稿

推荐阅读

扫码访问 @iTTTTT瑞翔 的微博
回页顶回复上一篇下一篇回列表手机版
手机版/CoLaBug.com ( 粤ICP备05003221号 | 文网文[2010]257号 )|网站地图 酷辣虫

© 2001-2016 Comsenz Inc. Design: Dean. DiscuzFans.

返回顶部 返回列表