Long-overdue update: book & baby!

So, I fell off blogging here for a while (though I still wrote occasionally at O’Reilly Radar). This is why.

I’ve been working on a book with my friend Nick Pinkston. It’s called The Hardware Startup: Building Your Product, Business, and Brand. The first four chapters were just released at O’Reilly Solid. The pre-release stamp is pretty funny - Raw and Unedited! Makes it sound like a sordid tell-all. :)

It’s been the most time-consuming project I’ve ever undertaken. Both of us want the book to be genuinely useful to hardware founders. Software startups have some great roadmaps, such as “Do More Faster” and “Lean Startup”…there isn’t much long-form material out there for founders working through manufacturing challenges on the product while simultaneously building a business. We’ve been packing it full of case studies with entrepreneurs who have worked through some of the really complex processes unique to starting a hardware business.

Putting out an unfinished pre-release teaser was challenging for me, since I like things to be polished before they see the light of day. It’s kind of a minimum viable product for the book, though, and the goal is to get feedback (which includes negative feedback). If you’re a hardware founder and you have thoughts about what you’d like to see, feel free to comment.

Anyway, tying this back to my last post…I had this crazy idea that I’d be able to get the book done while pregnant. That didn’t happen, but it was primarily because I decided to pack in a bunch of work-related travel right up until 36 weeks. After China, I did a bunch of stuff within the US and then went to a conference in Turkey. My flight back to SF was on the last day I was legally allowed to be on an airplane. :) (The Air Berlin folks weren’t pleased.)

Then I had our baby - I’ve blogged about that a bit on my personal/DIY project blog, and will eventually post something here about the maternity leave experience. In brief, though, Xander was born on December 18th. He’s now 5 months old. He’s a real handful but getting more fun by the day. Obligatory proud mama photos below.


In the hospital


2.5 mo family photo shoot


Yesterday at just past 5 mos.

I also thought I would get the book done while on maternity leave, and that was even more laughably unrealistic. For me, writing requires sustained focus and a big chunk of time. I was able to keep up with email and meetings and discrete tasks, but with a baby who woke hourly and never napped, writing was pretty difficult. I was relieved when we started daycare; Continue reading "Long-overdue update: book & baby!"

New Investment: ROLI

I am excited to announce our investment in ROLI, the inventor of the Seaboard.

The Seaboard is a beautiful redesign of one of the world’s most iconic instruments – the piano – for the modern digital world we live in.  It is the first in a line of digitally programmable, highly interactive, connected music products for ROLI that combine novel design aesthetics, proprietary touch interfaces, and powerful social elements.

continuous_touch

The degree of difficulty on executing a product like this is extraordinarily high.  It requires expertise in material design, fabrication, manufacturing, hardware, and software.  It has to satisfy the demands of the world’s leading artists, while incorporating social elements that appeal to the masses.  Getting to a shipping product was no small feat, and we believe ROLI is at the forefront of a transformation in the music creation, collaboration and consumption process.

We are delighted to partner with Roland Lamb, the founder/CEO of  ROLI, and welcome him to the FirstMark family!


Tagged: consumer, hardware, music

Tinybop: Educating Kids In Every Country

image

Several years ago when I was at Lerer Ventures, Sam Gerstenzang, our summer intern, recommended  that I meet with Raul Gutierrez, Founder CEO of a Brooklyn-based creative studio called Tinybop.  When Sam explained that Tinybop was building educational apps for kids, I was immediately skeptical because I’ve seen hundreds of companies in the space and my identical twin brother founded a children’s media studio, CloudKid.  After some back and forth with Sam, I begrudgingly agreed to meet with Raul but promised that I would keep an open mind. Over the course of the next two years, Raul and I spent countless hours talking about the future of children’s media and his vision for building the next great education brand.  To Raul’s credit, he was able to transform me from a skeptic to a believer.  Despite the space being hyper competitive with thousands of app publishers, I truly believe that Tinybop is the one percent of the one percent.  That’s why I’m incredibly excited and proud to announce that RRE has led Tinybop’s Series A Financing with participation from TwoSigma, KEC, Brooklyn Bridge Ventures and Kapor Capital.  

So what exactly is Tinybop? Tinybop is building a constellation of highly immersive educational apps that are global, universal and timeless. Each application, along with their teaching guides and marketing collateral, is translated into more than 50 languages. They’re one of the first studios I’ve seen that is taking advantage of the collapsing digital divide. Additionally, the content is universal and evergreen, meaning the topics are relevant on every continent and will never fall out of favor with parents and educators. The company’s goal is to build a global media brand that teaches kids in every country about the world through play and exploration.  Every single person at Tinybop deeply cares about education, design, creativity and community.  The values of the team shine through their products when you experience them. The children’s space is littered with thousands of mediocre apps so the team at Tinybop is always pushing new boundaries with their apps. 

Tinybop’s first series, The Explorer’s Library, helps children answer fundamental questions about the world and themselves.  You can think of this series as the World Book Encyclopedia for the mobile age.  Their first app, The Human Body, has been downloaded more than five million times in over one hundred and fifty countries.  Additionally, The Human Body was named as App of the Week in September 2013 and Best of 2013 by Apple in dozens of countries.  I’m also excited to announce Tinybop has just launched their second app in the Explorer’s Library, Plants.  It’s an interactive diorama of the world’s biomes.  Trying to describe the app Continue reading “Tinybop: Educating Kids In Every Country”

Alibaba S-1: How Well Do They Monetize?

RMB2My first two posts on this mammoth S-1 covered a high-level sizing of Alibaba and a deeper dive into some of Alibaba Group’s governance which in some ways mirrors the Politburo structure.  Today I’m going to analyze monetization across Alibaba’s various businesses.  How exactly is each marketplace and complementary service monetized?  How does that stack up against analogous US internet companies?  And most importantly how attractive is the whole based on the sum of the underlying parts?

Unfortunately Alibaba doesn’t actually break out revenue by marketplace or business unit.  What we can glean from the S-1 is a qualitative understanding of the monetization of each marketplace, as well as a clearer understanding of revenue from the wholesale part of Alibaba (Alibaba.com/1688) vs the retail parts (Taobao, Tmall, Juhuasuan) and how much comes from China vs non-China (<10% of revenue is non-China).

Here’s what we know about the key retail marketplaces:

Taobao (marketplace for individuals & small sellers – akin to eBay) –> Sellers on all the Alibaba marketplaces can purchase advertising on Taobao in a variety of forms including CPC keywords, CPM display, and as a commission on closed sale (Taobaoke – like an “internal” affiliate fee).  There are no commissions on closed sales (other than Taobaoke) or placement fees on Taobao.  Some Taobao sellers also pay a monthly subscription for software (Wangpu) which helps them create better looking and easier to manage storefronts.

Tmall (storefronts for larger, branded merchants like Nike, Gap, etc.) –> While Tmall is frequently compared to Amazon.com, it’s business model is totally different.  In fact JD.com, which priced it’s IPO yesterday, is a direct seller (e.g. stocks inventory) and is really more analogous to Amazon.  Alibaba’s Tmall is a true marketplace like eBay, though many of the types of products sold on Tmall would be equivalent to what US consumers buy retailers own websites or Amazon.  The bigger merchants on Tmall sell their branded wares and pay a commission to Tmall of 0.5 – 5.0% based on product category for all sales settled through Alipay (~80% of Alibaba’s GMV is settled through Alipay).  Also other Tmall merchants can advertise on Tmall in both CPC keyword and CPM display formats, but small sellers from Taobao or Juhuasuan are not permitted.

Juhuasuan (group buying / flash sales – akin to Zulily, Gilt, etc) –> Juhuasuan sellers pay 0.5 – 5.0% (based on product cateogry) of all sales settled through Alipay similar to Tmall, though additionally Juhuasuan generates revenue from placement fees paid by sellers to secure a particular slot based on category, time, etc.

      Slide1

 

Key Takeaways:

1) Retail E-Commerce Brings Home the Bacon – While Alibaba’s Continue reading "Alibaba S-1: How Well Do They Monetize?"

Syndicate Funding on AngelList – A Company’s Perspective

A few months ago AngelList announced Syndicates – enabling investors on AngelList to create fund-like groups of investors to invest together in AngelList companies (following a single lead investor). It’s a great idea and at Foundry we quickly decided it would be an interesting experiment to form our own syndicate. We were the first formal venture fund to do this. Since then we’ve completed about 10 deals (I say “about” because we have a few things in various stages of completion as I write this – the intent of FG Angels is to make 50 AngelList investments – about 1 per week).

We often get asked how the process works and while what’s below has specifics about working with FG Angels it also contains some great advice for anyone raising money on AngelList in general, and through Syndicates specifically. I’ve edited the text and added some things of my own, but this is largely the work of Carrie Requist, CEO of UGrokit, a company we recently funded through FG Angels.

How AngelList Syndicates (and FG Angels) Works

It’s important to understand that AngelList syndicates work somewhat like an opportunity fund, where AngelList investors sign up to “follow” a syndicate and pledge to invest a certain amount of money. The key here is that this isn’t a hard commitment – each syndicate member makes a deal by deal decision to invest. As a result the syndicate size isn’t the total amount of money you’ll raise – it’s the maximum you’ll raise from the syndicate. And depending on how many members there are to the syndicate and what crowdfunding exemption you use (more on that below) the actual limit will likely be quite a bit less than the total you see next to the syndicate name on AngelList. And, of course, it will also require some work on your part to pull syndicate members into your actual deal. Syndicates aren’t automatic capita – you’ll still need to work for your money.

There are 2 parts to the FG Angels or any AngelList Syndicate investment:

  • Foundry Group (or your syndicate leader) invests their portion – in FG Angels case this is $50,000
  • In parallel they open the investment to their syndicate members on AngelList

AngelList shows for each syndicate the amount that the syndicate leader will invest and the amount pledged by all the syndicate members as a whole (shown as “backed by” on AngelList). At the time of FG Angels investment in U Grok It, their syndicate total was $426k (that total excludes the FG Angels portion).

It’s worth reiterating that unlike a mutual fund, the investors are not committed to investing in every company that any syndicate backs, so

ugrokitgraph
Continue reading "Syndicate Funding on AngelList – A Company’s Perspective"

What Barbara Walters Amazing Career Can Teach Us About Women in VC

Jeff Bussgang’s recent article about the lack of women in VC struck a nerve with me as this topic has always been near and dear to my heart so I want to share the story of Barbara Walters and show what it can reveal about the lack of women in VC.

Back in 1976, Barbara Walters became the first female co-anchor of the evening news for a major network (ABC). It was a big risk because sexism was still prevalent in the 70’s. Despite that, the show began well and ratings went up.

Regardless, Barbara’s co-anchor Harry Reasoner was well known for his dislike of Barbara. In her memoir, she spoke of how she was invisible to the predominantly male crew but read this passage which described a time when she tried to ingratiate herself into the group:

“The only way I could hold my own was with the Continue reading "What Barbara Walters Amazing Career Can Teach Us About Women in VC"

What Barbara Walters Amazing Career Can Teach Us About Women in VC

Jeff Bussgang’s recent article about the lack of women in VC struck a nerve with me as this topic has always been near and dear to my heart so I want to share the story of Barbara Walters and show what it can reveal about the lack of women in VC.

Back in 1976, Barbara Walters became the first female co-anchor of the evening news for a major network (ABC). It was a big risk because sexism was still prevalent in the 70’s. Despite that, the show began well and ratings went up.

Regardless, Barbara’s co-anchor Harry Reasoner was well known for his dislike of Barbara. In her memoir, she spoke of how she was invisible to the predominantly male crew but read this passage which described a time when she tried to ingratiate herself into the group:

"The only way I could hold my own was with the New York Yankees. I was a big Yankee fan. Still am. In desperation I would come into the studio and make bets on the Yankees with Harry or the guys on the crew, and very often I won. For five minutes or so I could be one of the guys."

But the show started coming apart. The toxic chemistry between them had brought ratings down. The only saving grace was Barbara’s 4 one hour specials that she was required to do as part of her contract and they would prove to be a turning point in her career.

The very first one hour special was with the newly elected president, Jimmy Carter. During the interview, Barbara asked him an embarrassing question about the sleeping arrangement he had with his wife. Although widely criticized for asking such a personal question, Barbara said this of the incident:

"I cringe now at this exchange with President-Elect and Mrs. Carter, but it made them very human. It also painted an accurate picture of their close relationship, which would become apparent to everyone over the next four years."

But the one hour special was a smash success and The Barbara Walters specials would go on to become one of the most popular shows for the next 30 years.

A year later in 1977, the new president of ABC News said of Barbara, “She’s a great asset who has been mishandled.”

Mishandled? How did the worlds greatest female news journalist get mishandled?

What stopped Barbara from succeeding in journalism was her desire to become one of the boys - even going so far as to making sexist comments against herself. Barbara was trying too hard to play the game that the men had created.

But when Barbara accidentally asked the US president what Continue reading "What Barbara Walters Amazing Career Can Teach Us About Women in VC"

Homebrew’s investment interests: Vertical software

Homebrew’s first fund focuses on what we’re calling the “Bottom Up Economy.”  The Bottom Up Economy thesis states that as technology becomes more affordable, flexible and accessible, many industries that have not benefitted from or been impacted by technology historically will finally do so  Software is eating the world in many cases but also enabling the world in others.  Accordingly, we spend a great deal of time getting to know entrepreneurs and companies building software solutions that disrupt industries or enable the existing industry players to compete more effectively.  And we’ve already invested in companies serving several different areas, including legal services, mental health, logistics, communications, financial services and commercial construction.  Given our focus on vertically oriented software, I wanted to share a little bit about the attributes we like to see in those startups.

Teams with a unique POV: As my partner, Hunter Walk, has written, we’re excited by teams that aredisrupting industries with love (and just enough greed :) ).  Teams that have experience in the domain tend to have a strong POV about what’s broken and how to fix it.  But often times the most unique insight can come from teams outside of their target industry who are approaching things with fresh eyes.  So we prefer to work with teams that can demonstrate domain expertise without the stagnation of assuming status quo is just the “way things are done”.  What’s critical is that the teams we invest in have an insight that many others either have not seen or don’t agree with.

Distribution focus: We tend not to invest in software companies that are 100% dependent on selling into theC-level via a direct salesforce.  Instead, we prefer a bottom-up entry point via individuals or teams within the enterprise or small business.  The startups that intrigue us have a well-articulated plan for how to get distribution of their software in the industry they are targeting, and most often that includes a strong likelihood for organic or viral growth. No matter how slick and easy-to-use your software is,if you build it they probably won’t come.

Long-term advantage: Nearly all software is replicable, so we look for companies that are likely to have long-term differentiation, ideally via customer or data network effects.  Network effects mean that the value of the software grows as more people use it either because it allows them to interact with more people in the context of their work or it helps collect and aggregate data that informs and improves their work.  The strongest network effects enable customers to benefit from product usage that occurs even outside of their companies (i.e. industry-wide).

Acute pain: VCs are notorious for categorizing things as an aspirin versus a vitamin or need-to-have versus nice-to-have.  But there is a good reason for this.  Unless software is helping addressing an acute pain or delivering value that can’t be ignored, it likely can’t attract the attention it needs to be used or purchased given the limited

Continue reading "Homebrew’s investment interests: Vertical software"

Willful Delusion – Startups and the Stockdale Paradox

tl;dr Willful delusion - rational optimism is necessary for startups.

Early when I was starting PrimaTable, a friend and mentor told me about the Stockdale Paradox. Described in Jim Collin’s Good to Great, the paradox is named after Vice Admiral Jim Stockdale, an American naval officer held captive for eight years in the Vietnam War.

Stockdale’s Paradox

When asked about about how he coped with captivity and regular torture, Admiral Stockdale responded:

“I never lost faith in the end of the story, I never doubted not only that I would get out, but also that I would prevail in the end and turn the experience into the defining event of my life, which, in retrospect, I would not trade.”

When asked who didn’t make it home from Vietnam, Stockdale replied:

“Oh, that’s easy, the optimists. Oh, they were the ones who said, ‘We’re going to be out by Christmas.’ And Christmas would come, and Christmas would go. Then they’d say, ‘We’re going to be out by Easter.’ And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again. And they died of a broken heart.”

Collin’s coined the Stockdale paradox as Stockdale’s summary:

“You must never confuse faith that you will prevail in the end — which you can never afford to lose — with the discipline to confront the most brutal facts of your current reality, whatever they might be.”

Startups

Creating a new product is hard, creating a new company is even harder. There are countless reasons why any given company doesn’t exist. Startup growth is a process of managing and mitigating risk.

In order to make the leap from Peter Thiel’s Zero to One, a founder must believe the technology is different, the market is different, her team is different, the business model is different and so on. This belief has been called a Reality Distortion Field but without balancing the ability to confront the brutal facts a startup often faces can lead a founder astray. Weathering the difficult challenges of a startup, requires the ability to see and navigate issues or Tom Tunguz’s Ruthlessness and Grit.

Like Stockdale’s paradox, starting a company and surviving requires a willful delusion. Delusion supporting optimism in face of that risk. Willfulness allows the management of risk through rational assessment. While a founder needs to be a rational, convincing and brilliant operator, at the same time, she must ignore the mountain of evidence that this company shouldn’t exist.

Zoopla at seven – how focus and speed drive exceptional outcomes

 I first invested in Zoopla in July 2007.  At the time, a mere £500,000 to get the company going and back Simon Kain and Alex Chesterman in improving the real estate experience.

Last week, almost exactly 7 years after this first investment, Zoopla released its last set of numbers:  40 million monthly visits,  six-months revenues of £38.8 million and a profit margin that is flirting with 50%.

As I left the last board meeting, I marvelled about how this management team had taken the business so far and so fast; this is not so much as statement about the top line as a statement about having built a sustainable, robust, profitable and extremely well run machine in such an incredibly capital efficient manner (the company only ever took cash from Atlas and Octopus and a few angels, and not that much of it).

Zoopla was launched in 2008 with

zoopla reception
Continue reading "Zoopla at seven – how focus and speed drive exceptional outcomes"

An Algorithm for Seed Round Valuations

Your nascent startup is progressing well, and you've decided you want to raise $X at a pre-money valuation of $Y. How do you figure out what X and Y should be?  In this post, I'm going to outline a potential algorithm for calculating X and Y. Note that valuations are part science, part art, so this algorithm is meant to serve as a good starting point, not as a set of unbreakable rules.

Step 1: How much do you need?

Come up with a list of all expenses you expect to have over the next 18 months: salaries for existing employees as well as new ones, office space, infrastructure, light marketing/PR, legal/accounting costs, etc. Assume that in the worst case, your monthly revenue, if you already have some, will be stagnant. Add a 10%-20% cushion to provide breathing room. The total of all of these costs is $X -- Continue reading "An Algorithm for Seed Round Valuations"

An Algorithm for Seed Round Valuations

Your nascent startup is progressing well, and you've decided you want to raise $X at a pre-money valuation of $Y. How do you figure out what X and Y should be? 

In this post, I'm going to outline a potential algorithm for calculating X and Y. Note that valuations are part science, part art, so this algorithm is meant to serve as a good starting point, not as a set of unbreakable rules.

Step 1: How much do you need?

Come up with a list of all expenses you expect to have over the next 18 months: salaries for existing employees as well as new ones, office space, infrastructure, light marketing/PR, legal/accounting costs, etc. Assume that in the worst case, your monthly revenue, if you already have some, will be stagnant. Add a 10%-20% cushion to provide breathing room. The total of all of these costs is $X -- the number you should be raising.

Why is 18 months the magic duration? It takes up to 6 months to raise a Series A, so raising 18 months of runway right now will give you about a year to put yourself into a good position for raising your next round. 15 months of runway is okay -- that gives you 9 months to make substantial progress. Anything less than 15 months is risky because you might not have enough time to find product-market fit. (Redpoint's Tomasz Tunguz has an informative post about how much you need to raise to maximize your changes of getting to a Series A.)

Step 2: What is your target valuation?

Guess the maximum (pre-money) valuation, $Y, that you think you could raise at within ~2 months.

Based on what I've seen in the last few months in Silicon Valley, here are some pre-money valuation benchmarks for companies:

  • Pre-product or alpha version of product: $3m-$6.5m. (Occasionally, exceptionally strong teams might raise at $8m-$10m with just an idea.)
  • Beta version, a few pilot customers, $1k-$20k in monthly revenue: $6m-$9m.
  • Fairly mature product, sales is still high-touch and case-by-case, $25k-$100k in monthly revenue: $7m-$14m.
  • Fairly mature product, starting to have repeatable sales process, $100k+ in monthly revenues $15m+. (This is Series A territory.)

(It should be noted that most founders that I talk to are building B2B SaaS products.)

What puts someone at the higher end of each range? Great revenue/growth numbers, strong founding teams, or some sort of unfair advantage (key industry connections, an important patent, etc.)

You might be wondering about the two month time limit. Obviously you want to get a good valuation, so why limit yourself to the valuation you could raise at within 2 months? Because time Continue reading "An Algorithm for Seed Round Valuations"

It’s a ZEN day!

Today is a very special day for me as as an entrepreneur and investor. About an hour ago, Zendesk went public on the New York Stock Exchange. The last time I watched an IPO so carefully was when Shopping.com, the company that had bought my price comparison startup, went public – almost ten years ago.

Here are a few visual impressions of my love affair with Zendesk, which began six years ago:



Huge congrats and thanks to the entire Zendesk team – I couldn't be more proud of you guys!

How To Bend the Arc of Your Career to VC

I am still learning the formula of what makes a great venture capitalist. In an examination of other successful investors and my own numerous deficiencies, I’ve composed a theory that the best venture capitalists are a Jack/Jill of all trades and a master at a couple. Here’s how to bend the arc of your career […]

When you hit your Big Fucking Goal

I was chatting with Jonathan Wegener, CEO of Timehop, last week. Timehop is a product that has always enjoyed almost unbelievably high retention and engagement, but previously struggled to hit hyper growth. After a ton of iteration over the last year suddenly they have started to grow quite quickly - breaking the top 50 in the US iOS Appstore, and the top 10 free overall in the UK. 

image


Jonathan and his team have steered the product very well, so you can imagine there were a few congratulations in order. But, partly as a testament to the way Jonathan thinks, we spent a lot less time talking about how good growth is and a lot more about the right way to push going forward.

You see, some three months ago Jonathan set a big hairy goal of growing 10x. You know those moments, when you gather the team and Continue reading "When you hit your Big Fucking Goal"

When you hit your Big Fucking Goal

I was chatting with Jonathan Wegener, CEO of Timehop, last week. Timehop is a product that has always enjoyed almost unbelievably high retention and engagement, but previously struggled to hit hyper growth. After a ton of iteration over the last year suddenly they have started to grow quite quickly - breaking the top 50 in the US iOS Appstore, and the top 10 free overall in the UK. 

image


Jonathan and his team have steered the product very well, so you can imagine there were a few congratulations in order. But, partly as a testament to the way Jonathan thinks, we spent a lot less time talking about how good growth is and a lot more about the right way to push going forward.

You see, some three months ago Jonathan set a big hairy goal of growing 10x. You know those moments, when you gather the team and say, “I know this sounds impossible but we need to find a way to get to this crazy place in a pretty short time frame.”

Now, I don’t know how his team took it, but I know that when I’ve set a goal like this with a team there is a really fine balance to be walked. On the one hand a single BIG FUCKING GOAL is bound to get their attention and feels exciting. On the other hand, you have to make the more skeptical folks on your team actually believe there is a chance it’s possible or they will think you’ve lost it.

Despite some probable skepticism, Jonathan did set that crazy goal, and then in less than three months they actually hit it! So the big question is “what now!”. The analogy I would paint is that you spend all this time, months or years, trying to push this big boulder called growth from the top of a hill. And you are trying every damn trick you can hear about or think of to get this damn thing to move. And then suddenly, sometimes, the boulder finally moves!

This moment is when you find out just how much drive you have in yourself, and how much you have recruited for the right kind of drive in your team. The drive isn’t just for when you are in “The Struggle” it’s for when you are in “Win More” mode. It’s that push to win a Game 7 in a long basketball playoff series, and then pick yourself back up, and despite what Nate Silver says, keep pushing and defy the odds again.

In times like these there are two natural instincts: a) it’s working, don’t fuck it up, b) take a quick breath to recover. Continue reading "When you hit your Big Fucking Goal"

One of the oldest VC firms’ secret to success is not what you’d expect

NVP Managing Partners
Want to master the CMO role? Join us for GrowthBeat Summit on June 1-2 in Boston, where we'll discuss how to merge creativity with technology to drive growth. Space is limited and we're limiting attendance to CMOs and top marketing execs. Request your personal invitation here!

New venture capital firms seem to be cropping up left and right every day, but Norwest Venture Partners (NVP) has been around since 1961, and it has certainly learned a thing or two over the years.

Today, the firm is announcing its twelfth fund, which will total $1.2 billion. This new fund will bring its total capital under management to a little under $5 billion and will be structured much like its eleventh fund, which was also $1.2 billion.

“A key strategy for success at NVP is investment diversification. We invest across multiple sectors, stages, and geographies, all with a team approach that enables our portfolio Continue reading "One of the oldest VC firms’ secret to success is not what you’d expect"