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The ability to raise capital is less impressive than finding sustainable ways to build a base of paying customers. “Across the board, the variance in metrics is stark,” says Townshend. Imagine a world where founders boasted about how much growth they’ve driven, as opposed to their fundraising prowess. PDT/11 a.m.
“Victoria is General Partner at Prelude Ventures, where her climate tech investments span mobility, food and agriculture, clean energy, sustainable apparel and carbon markets. Victoria Beasley — Prelude Ventures. Prior to Prelude Ventures, Victoria worked on climate change strategy at BCG and started an agriculture supply chain company.
In 2001 companies IPO’d very quickly if they were working, by 2011 IPOs had slowed down to the point that in 2013 Aileen Lee of Cowboy Ventures astutely called billion-dollar outcomes “unicorns.” Pre-seed is just a narrower segment where you might raise $1–3 million on a SAFE note and not give out any board seats.
To put that timeframe in perspective, here’s a picture of analyst me taken at USV’s first office in 2005, dressed in khakis and a button-down shirt versus a picture of me, a GP at my own firm, over 100 deals later, now on my latest Zoom board call from my couch at home with my junior analyst of about a year and a half.
2001–2007: THE BUILDING YEARS The dot com bubble had burst. Within 5 years I was on the board of real businesses with meaningful revenue, strong balance sheets, no debt and on the path to a few interesting exits. During this era, from 2009–2015, most founders I knew were in it for building great & sustainable companies.
I raised money as an entrepreneur, like you, in 1999, 2000, 2001, 2003 and 2005 for two different companies. In order to get a VC to agree to fund you, you need to get the entire partnership on board. Create a sustained campaign. I’ve raised in boom markets and when everybody thought the Internet was a fraud.
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