20VC: The Memo: How to Raise a Venture Capital Fund (Part I) | The Core Lessons from Raising $400M Over The Last Four Years| The Biggest Mistakes VCs Make When Fundraising | How To Find and Build Relationships with New LPs
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch11 Jan 2023

20VC: The Memo: How to Raise a Venture Capital Fund (Part I) | The Core Lessons from Raising $400M Over The Last Four Years| The Biggest Mistakes VCs Make When Fundraising | How To Find and Build Relationships with New LPs

How To Raise a Venture Capital Fund

Over the last 4 years, I have raised around $400M across different vehicles from many different types of investors. Today I am going to break down the early stages of how to raise a venture capital fund and then stay tuned for a follow-up to this where we will break down a fundraising deck for a fund, what to do, what not to do etc. But to the first element.

Your Fund Size is Your Strategy:

The most important decision you will make is the size of fund you raise. So much of your strategy and approach will change according to your fund size target (LP type, messaging, documentation, structure etc). Remember, your fund size is your strategy. If you are raising a $10M Fund, you are likely writing collaborative checks alongside a follower, if you are raising a $75M fund, you will likely be leading early-stage seed rounds. These are very different strategies and ways of investing.

MISTAKE: The single biggest mistake I see fund managers make is they go out to fundraise with too high a target fundraise. One of the most important elements in raising for a fund is creating the feeling of momentum in your raise. The more of the fund you have raised and the speed with which you have raised those funds dictate that momentum. So the smaller the fund, the easier it is to create that heat and momentum in your raise.

LESSON: Figure out your minimum viable fund size (MVFS). Do this by examining your portfolio construction. In other words, how many investments you want to make in the fund (the level of diversification) and then alongside that, the average check size you would like to invest in each company. Many people forget to discount the fees when doing this math and so the traditional fund will charge 2% fees per year and so across the life of the fund (usually 10 years), that is 20% of the fund allocated to fees.

Example:

We are raising a $10M Fund.

20% is allocated to fees for the manager and so we are left with $8M of investable capital.

A good level of diversification for an early-stage fund is 30 companies and so with this fund size, I would recommend 32 investments with an average of $250K per company. That is the $8M in invested capital. Big tip, I often see managers raising a seed fund and are only planning to make 15 investments, this is simply not enough. You have to have enough diversification in the portfolio if you are at the seed stage. No one is that good a picker. Likewise, I sometimes see 100 or even 200 investments per fund, this is the spray-and-pray approach, and although works for some, your upside is inherently capped when you run the maths on fund sizes with this many investments.

A big element to point out in this example is we have left no allocation for reserves. For those that do not know, reserves are the dollars you set aside to re-invest in existing portfolio companies. Different funds reserve different amounts, on the low end there is 0% reserves and on the high end some even have 70% of the fund reserved for follow-on rounds.

In this example, given the size of the fund being $10M with a seed focus, I would recommend we have a no-reserves policy. Any breakout companies you can take to LPs and create SPVs to concentrate further capital into the company. This is also better for you as the manager as you then have deal by deal carry on the SPVs that are not tied to the performance of the entire fund.

So now we know we know $10M is our MVFS as we want to make at least 30 investments and we want to invest at least $250K per company. Great, next step.

Set a target that is on the lower end, you can always have a hard cap that is significantly higher but you do not want the target to be too far away that LPs question whether you will be able to raise the fund at all. This is one of the biggest reasons why many do not invest in a first time fund, they are unsure whether the fund will be raised at all.

The Team:

Alongside the size of the fund, the team composition is everything, simply put, LPs like managers who have invested in the stage you are wanting to invest in moving forward. They like to see track record.

IMPORTANT: I see so many angels write checks into breakout Series B companies and then go out and try and raise a seed fund with this as their track record. Do not do this, this does not prove you are a good seed investor but merely shows you have access at the Series B. These are very different things.

With regards to track record, in the past, TVPI or paper mark-ups were enough, now there is a much greater focus on DPI (returned capital to investors). LPs want to see that you have invested before at that stage and they also want to see that the team has worked together before. You want to remove the barriers to no. If you have not worked with the partners you are raising with before, LPs will have this as a red flag, and as team risk, it is that simple.

Navigating the World of LPs (Limited Partners)

The size of the fund you are raising will massively dictate the type of LPs that will invest in your fund.

MISTAKE: You have to change your messaging and product marketing with each type of LP you are selling to. A large endowment fund will want a very different product to a Fund of Funds.

Example: If you are a large endowment, you will invest in early funds but you want the manager to show you a pathway to them, in the future, being able to take not a $10M check but a $50M check from the endowment. Whereas the Fund of Funds will likely want you to stay small with each fund. So when discussing fund plans, it is crucial to keep these different desires in mind.

If you are raising a $10M fund, you will be too small for institutional LPs and will raise from individuals and family offices. An LP will never want to be more than 20% of the LP dollars in a fund and so the size at which an institutional LP (really the smallest fund of funds) would be interested is when you raise $25M+ and they can invest $5M. Generalisation but a good rule of thumb to have.

LP Composition of Your Fund:

Speaking of one LP being 20% of the fund dollars, it is helpful to consider the LP composition you would like to have for your fund. The most important element; you want to have a diversified LP base. A diversified LP base is important in two different forms:

  1. No LP should be more than 20% of the fund at a maximum. That said you do not want to have so many investors in your fund it is unmanageable. LPs need time and attention and so it is important to keep that in mind when considering how many you raise from. Some LPs will want preferred terms or economics for coming into the first close or being one of the first investors, if you can, do not do this. It sets a precedent for what you will and will not accept and then for all subsequent investors, they will want the same terms and rights.
  2. You want to have a diversification of LP type (endowments, fund of funds, founders, GPs at funds etc). Why? In different market cycles, different LPs will be impacted and so if you only raise from one LP type, if a market turns against that LP class, then your next fund is in danger.

Example:

We will see the death of many mico-funds ($10M and below). Why? The majority raised their funds from GPs at larger funds and from public company founders. With the changing market environment, most GPs are no longer writing LP checks and most public market founders have had their net worths cut in half by the value of their company in the public market and so likewise, are no longer writing LP checks. In this case, the next funds for these funds will be in trouble as their core LP base is no longer as active as they used to be. We are seeing this today.

Prediction:

  • 50% of the micro-funds raised in the last 2 years will not raise subsequent funds.

Going back to the question of diversification, my preference and what we have at 20VC, the majority of dollars are concentrated from a small number of investors. Of a $140M fund, we have $100M invested from 5 large institutions. These are a combination of endowments, Family Offices, a High Net Worth Individual and a Fund of Funds. The remaining $40M originates from smaller institutions or individuals, for us we have over 50 making up that final $40M. For me, I really wanted to have a community around 20VC Fund and so we have over 40 unicorn founders invested personally in the fund as LPs.

Bonus Points: The best managers select their LPs to play a certain role or help with a potential weakness the manager has. For example, I was nervous I did not have good coverage of the Australian or LATAM startup market and so I was thrilled to add founders from Atlassian, Linktree, Mercado Libre, Rappi and Nubank as LPs to help in regions where I do not have such an active presence. If you can, structure your LP base to fill gaps you have in your ability.

Status Check In:

Now we know our minimum viable fund size, we know the team composition we are going out to raise with, we know the LP type that we are looking to raise money from and we know how we want our desired fund cap table to look.

Now we are ready to move to the LPs themselves.

Fill Your Restaurant with Friendlies:

As I said, the appearance of your raise having heat and momentum is important.

Mistake: The biggest mistake I see early fund managers make is they go out to large institutional investors that they do not have an existing relationship and spend 3-4 months trying to raise from them. They lose heat, they lose morale and the raise goes nowhere.

Whatever fund size you are raising, do not do this. Fill your restaurant with friendlies first. What does this mean? Go to anyone you know who would be interested in investing in your fund and lock them in to invest. Create the feeling that progress is being made and you have momentum.

BONUS POINTS: The best managers bring their LPs with them for the fundraise journey. With each large or notable investor that invests in your fund, send an email to the LPs that have already committed to let them know about this new notable investor. This will make them feel like you have momentum, they are in a winner and many will then suggest more LP names, wanting to bring in their friends.

MISTAKE: Do not set a minimum check size, some of the most helpful LPs in all of my funds have been the smallest checks. Setting a minimum check size will inhibit many of the friendlies from investing and prevent that early momentum.

The bigger the name the incoming investor has the better. You can use it for social validity when you go out to raise from people you know less well or not at all. Different names carry different weight, one mistake I see many make is they get a big name invested in their fund but it is common knowledge to everyone that this LP has done 200 or 300 fund investments, in which case, it does not carry much weight that they invested in your fund. Be mindful of this as it can show naivety if you place too much weight on a name that has invested in so many funds.

Discovery is Everything:

The world of LPs is very different to the world of venture. 99% of LPs do not tweet, write blogs or go on podcasts. Discovery is everything. When I say discovery I literally mean finding the name of the individual and the name of the organization that is right for you to meet.

This can take the form of several different ways but the most prominent for me are:

  1. The Most Powerful: Create an LP acquisition flywheel. What do I mean by this? When an LP commits to invest in your fund. Say to them, "thank you so much for your faith and support in me, now we are on the same team, what 3 other LPs do you think would be perfect for the fund?" Given they have already invested, they already believe in you and so 90% of them will come back with 3 names and make the intro. Do this with each LP that commits and you will create an LP acquisition flywheel.

Bonus Point: The top 1% of managers raising will already know which LPs are in the network of the LP that has just committed and will ask for those 3 specific intros. They will then send personalized emails to the LP that has just committed. The LP is then able to forward that email to the potential LP you want to meet. You want to minimize the friction on behalf of the introducer and so writing the forwardable email is a great way to do this.

  1. The Most Likely to Commit: LPs are like VCs. When one of their portfolio managers makes an intro and recommendation to a potential fund investment, they will place a lot more weight on it than they would have otherwise. So get your VC friends to introduce you to their LPs, it is that simple. Remember, you have to remove the friction from the introducer. So, make sure to send the email they can forward to the LP. Make this personalized and concise.

Mistake: Many VCs do not like to introduce other managers to their LPs as they view it as competition. This is moronic. If the manager asking for the intro is really good, they will raise their fund with or without your intro. If they are not good, then you can politely say it would not be a fit for your LP and move on. Do not be too protective of your LPs from other managers.

  1. The Cold Outbound: I am not going to lie cold outbound for LPs is really hard. Here is what I would suggest:

  • Pitchbook: It is expensive and many cannot afford it but if you can, it is worth it for LP discovery. They have thousands of LPs of different types on the platform all with their emails and contact details. Those are less useful as a cold email to an LP is unlikely to convert but just finding their names and the names of their organization is what is important. You can then take that to Linkedin to then find the mutual connections you have with that person and ask for a warm intro.
  • Linkedin: Many LPs have the funds that they have invested in on their Linkedin profiles with the title "Limited Partner". If they are invested in a fund that is aligned with the strategy that you are raising for, there is a strong chance they might be a fit. For example, I invest in micro-funds and have invested in Chapter One, Scribble, Rahul from Superhuman and Todd's Fund, and Cocoa Ventures, so you see this and see I like sub $25M funds with a specific angle.
  • Clearbit: Often you will know the name of the institution but not the name or position of the person within the institution that you are looking to raise from. Download a Google Chrome Plugin called Clearbit. With Clearbit you can simply insert the URL for the organization you would like to speak with and then all the people within it will appear and you can select from title and their email will be provided. Again, if you do not want to cold email, you now have their name which you can take to your community, to ask for the intro.

MISTAKE: LPs invest in lines, not dots. Especially for institutional LPs, it is rare that an institution will meet you and invest in you without an existing relationship and without having followed your work before. A mistake many make is they go to large institutions and expect them to write a check for this fund, it will likely be at best for the fund after this one or most likely the third fund. This does not mean you should not go to them with your first fund but you should not prioritize them and you should not expect them to commit. I would instead go in with the mindset of we are not going to get an investment here, so I want to leave the room understanding what they need to see me do with this first fund, to invest in the next fund. The more detailed you can get them to be the more you can hold them to account for when you come back to them for Fund II.

Example: If they say, we want to see you are able to price and lead seed rounds and we are not sure you can right now. Great. Now when you come back to them in 12 months' time, you can prioritize the fact that you have led 80% of the rounds you invested in, and their core concern there has been de-risked.

In terms of how I think about LP relationship building, I always meet 2 new LPs every week. I ensure with every quarter, I have a check-in with them and ensure they have our quarterly update. This allows them to follow your progress, learn how you like to invest, and communicate with your LPs. It also really serves to build trust. Doing this not in a fundraising process also removes the power imbalance that is inherent within a fundraise and allows a much more natural relationship to be created.

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20VC: Data Collective's Matt Ocko on Why "All Fund Size Models Are Wrong" and The Lifecycle of Current Venture Funds Is Inefficient?

20VC: Data Collective's Matt Ocko on Why "All Fund Size Models Are Wrong" and The Lifecycle of Current Venture Funds Is Inefficient?

Matt Ocko is the Co-Managing Partner and Co-Founder @ Data Collective and has over 3 decades of experience as a tech entrepreneur and VC and has made investments in the likes of Facebook, Zynga, Uber and AngelList just to name a few. If that was not enough he is also an inventor on over 40 granted or in process patents. A truly deep thinker and one of my fave ever shows to record. In Today's Episode with Matt You Will Learn: How Matt made his way into VC and came to co-found Data Collective? Why does Matt believe "All Fund Size Models are Wrong". Does the current bifurcation of VC into angels/micro-VCs, small seed/A funds, big bruisers, and post-C/pre-IPO make for sub-optimal returns both on a societal and monetary perspective? What does the opportunity fund allow Data Collective? How do they use the initial fund to invest for insight in into companies at the earliest stages? How do they avoid the negative signalling risk that is normally ensued with an opportunity fund? How important is thesis driven venture firms? Does specialisation aid or hinder venture returns and why? How does Matt view the lifecycle of current venture? Matt has previously said it is inherently inefficient, why? Items Mentioned In Today's Show: Matt's Fave Blog and Newsletter: MIT Technology Review Matt's Fave Book: The Way Things Work Matt's Most Recent Investment: Tradeshift As always you can follow Harry, The Twenty Minute VC and Matt on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC. Eve make 1 perfect mattress - made with 3 layer technology and next generation memory foam. It comes packaged in a beautiful box and arrives the day after you order. You get 100 nights to try it with free return pick-up - it really is the perfect mattress for everyone. Just go online to evemattress.co.uk and enter the code 20VC for £50 off. Everybody deserves the perfect start with Eve.

8 Aug 201628min

20VC: Turning Down Apple & Getting Funded By Chamath @ Social Capital with Dhananja Jayalath, Co-Founder & CEO @ Athos

20VC: Turning Down Apple & Getting Funded By Chamath @ Social Capital with Dhananja Jayalath, Co-Founder & CEO @ Athos

Dhananja Jayalath is the Co-Founder & CEO @ Athos, creating the new standard for fitness by changing the way we train the human body. Athos have funding from our friends at Social Capital, Felix Capital and DCM Ventures just to name a few of their investors. Prior to Athos, DJ turned down a job with Apple straight from University to pursue his vision of creating the next generation of consumer fitness wearables with Athos. In Today's Episode with DJ You Will Learn: How DJ went from University to turning down Apple to founding Athos? How did DJ come to meet Chamath @ Social? How was the fundraising experience? What did Athos do well and what would DJ like to improve for the next round? How does DJ approach iteration and testing within product testing at Athos? What are the lessons DJ has learned in the manufacturing and iteration process with Athos? How does DJ approach business models for Athos today? Does DJ agree that the winners of hardware will be determined by software? Items Mentioned In Today's Show: DJ's Fave Book: Velocity: The 7 New Laws For A World Gone Digital As always you can follow Harry, The Twenty Minute VC and DJ on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

5 Aug 201620min

20VC: From Seed To Series A: The Due Diligence, The Valuations, The Investment Decision Making Process with Steve Schlafman @ RRE Ventures

20VC: From Seed To Series A: The Due Diligence, The Valuations, The Investment Decision Making Process with Steve Schlafman @ RRE Ventures

Steve Schlafman is an early stage investor @ RRE Ventures, where he specialises on marketplaces, mobile services, and hardware. Steve is responsible for RRE's investments in theSkimm, Hightower, TinyBop, Breather, and Managed by Q. Prior to joining RRE as a Principal, Steve was a Principal and rockstar seed investor at Lerer Ventures. Before becoming a venture capitalist, Steve worked at Stickybits Inc. and Turntable.fm, and served as Director of Venture Investments at The Kraft Group. Steve also worked at Massive Inc. and at Microsoft, where he focused on Biz Dev Strategy and Corporate Finance. In Today's Episode with Steve You Will Learn: How Steve made his way into VC from Microsoft, to Kraft to startup to VC? Why does Steve think Seed to Series A is such a different ball game? What are the different characteristics encompassed within each? With such little data at seed, what does Steve's DD process look like? How does that affect his investment decision making process @ RRE? What is the valuation comparison between Seed and Series A? How is this determined and how has this changed since Steve's time at Lerer? Why do the best markets often appear small and become meaningful? How does Steve look to detect these small markets? Items Mentioned In Today's Show: Steve's Fave Book: Who (Hiring Process), Work (Hiring @ Google), Leading (Michael Moritz) Steve's Fave Blog or Newsletter: AVC, Stratechery, The Skimm Steve's Most Recent Investment: Brightwheel As always you can follow Harry, The Twenty Minute VC and Steve on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

3 Aug 201624min

20VC: YC's Justin Kan on The 3 Qualities All Successful Investors Have & Why 'VCs Don't Really Do Any Real Work'?

20VC: YC's Justin Kan on The 3 Qualities All Successful Investors Have & Why 'VCs Don't Really Do Any Real Work'?

Justin Kan is a Partner @ world renowned, Y Combinator. The birthplace of the likes of Airbnb, Reddit, Dropbox, Stripe, Zenefits and many more incredible companies. Prior to YC, Justin co-founded SocialCam, acquired by Autodesk for $60m and Twitch.tv, the world's leading video platform and community for gamers, acquired by Amazon for $970m in 2014. In Today's Episode with Justin You Will Learn: How Justin came to found Twitch.tv and then later made the transition into VC with YC? Having been a YC alum, how has Justin seen YC as an institution change over time? How have the interviews, demo days, mentoring arrangements altered? How can YC keep the same quality of startup treatment with the mass scaling taking place? YC always positions itself as an accompaniment to the VC industry, does the new $700m YC growth fund not directly compete against VCs? What 3 qualities does Justin believes all good investors must have? How has Justin looked to establish his own personal brand? What has worked and what has not? Justin is very bullish on Snapchat, why so? What makes Justin so excited for the platform? How does Justin use it to such success? What would Justin like to see change in the platform? Items Mentioned In Today's Show: Justin's Fave Book: Shogun Justin's Fave Blog or Newsletter: Nuzzel & The Information As always you can follow Harry, The Twenty Minute VC and Justin on Twitter here! Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

1 Aug 201626min

20VC: Why People Should Never Be Surprised If Fired, Subscription E-Commerce Is Hot & People Never Give True and Direct Feedback with Amir Elaguizy, Co-Founder @ Cratejoy

20VC: Why People Should Never Be Surprised If Fired, Subscription E-Commerce Is Hot & People Never Give True and Direct Feedback with Amir Elaguizy, Co-Founder @ Cratejoy

Amir Elaguizy is the Founder & CEO @ YC backed, Cratejoy, the website builder and backend for subscription e-commerce stores. Cratejoy have funding from the likes of General Catalyst, Andreesen Horowitz, Y Combinator and Charles River Ventures With regards to Amir, he previously founded Market Zero, a poker software company which was acquired by Zynga, where he then spent time as a game CTO. In Today's Episode You Will Learn: 1.) How Amir came to be an entrepreneur, got acquired by Zynga and then started Cratejoy? 2.) With the recent acquisition of Dollar Shave Club, the subscription e-commerce business is hot, why does Amir think most people misunderstand the space? 3.) Amir previously said, 'owning recruiting is the single most important thing you can do', why does he believe this? Does Amir believe that the early team might not necessarily be the team to evolve from a $1m business to a $20m business? 4.) What is the difference between foundational team members and mercenary team members? What are the signs an individual is worth spending time to grow with? 5.) Amir previously said, 'most people have never received true direct feedback on performance', how does Amir look to differentiate himself? Is it suitable for the leadership to be the bad guy? 6.) How can the firing process be approached with respect and dignity? Should it ever be a surprise? If it is a surprise what does that suggest about your leadership previously? Items Mentioned In Today's Show: Amir's Fave Book: Hard Thing About Hard Things Amir's Fave Podcasts: The Twenty Minute VC, SaaStr As always you can follow The Twenty Minute VC, Harry and Amir on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Snapchat here! This episode was brought to you by DesignCrowd, the online marketplace for custom graphic, logo and web design that helps startups, entrepreneurs, web developers and agencies outsource design projects to designers from around the world. How Does It Work? Once you have launched your brief, designers will begin submitting quality designs for you to review. With some constructive feedback, you can quickly generate a large gallery of designs that really do fit your needs. You can have exactly what you need within just three days. Once you have selected your favourite design, you will be sent all the files you require to update your branding. If you don't like any of the submitted designs, then DesignCrowd offers a money back guarantee. So checkout designcrowd.com/VC and enter the promo code VC100 to get an astonishing $100 off your next project.

29 Juli 201626min

20VC: Mythbuster: Is Mobile Dying? Is AR/VR Overhyped? Is The Excitement Around Bots Justified with Sean Flynn, Partner @ Shasta Ventures

20VC: Mythbuster: Is Mobile Dying? Is AR/VR Overhyped? Is The Excitement Around Bots Justified with Sean Flynn, Partner @ Shasta Ventures

Sean Flynn is a Managing Partner @ Shasta Ventures where he invests in mobile-enabled consumer Internet and enterprise software companies. Sean has led Shasta's investments in Dollar Shave Club, Whisper and serves on the board of directors for the likes of TimeHop, Zefr, Swipely, Bloc and TigerText. Before joining Shasta, Sean worked at Yahoo, where he focused on growing the company's communication and messaging products such as Yahoo! Mail, Messenger, Groups and Flickr. In Today's Episode You Will Learn: 1.) How Sean made his way into VC from the titan that is Yahoo? Now today I want to do something slightly different and do a myth busting episode, take a couple of sectors and discuss whether they are truths and complexities to the core statement. 2.) Starting with the most common assumption in VC that it is all about team, to what extent does Sean place team ahead of product and is this a slight misconception? 3.) Many are saying mobile is a dying space. Sean previously said, 'it is not dead yet'. Why is there promise for mobile? What will be the catalyst of it's death? How does this affect Sean's investment decision making? 4.) Another much hyped topic is AR/VR, is the excitement surround AR and VR justified? Where does Sean stand on investing in the installation phase of cycles? 5.) Similar to AR/VR is the hype surround bots justified? What will be the sustainable business model for bots? Items Mentioned In Today's Show: Sean's Fave Book: What Do You Do With An Idea Sean's Fave Blog or Newsletter: Nuzzel, 538 Blog Sean's Most Recent Investment: Tally As always you can follow The Twenty Minute VC, Harry and Sean on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Snapchat here! This episode was brought to you by DesignCrowd, the online marketplace for custom graphic, logo and web design that helps startups, entrepreneurs, web developers and agencies outsource design projects to designers from around the world. How Does It Work? Once you have launched your brief, designers will begin submitting quality designs for you to review. With some constructive feedback, you can quickly generate a large gallery of designs that really do fit your needs. You can have exactly what you need within just three days. Once you have selected your favourite design, you will be sent all the files you require to update your branding. If you don't like any of the submitted designs, then DesignCrowd offers a money back guarantee. So checkout designcrowd.com/VC and enter the promo code VC100 to get an astonishing $100 off your next project.

27 Juli 201629min

20VC: Semil Shah on Why The Most Important Thing An Investor Can Do Is Attract Follow On & The Fundamentals of VC Branding

20VC: Semil Shah on Why The Most Important Thing An Investor Can Do Is Attract Follow On & The Fundamentals of VC Branding

Semil Shah is the founder of Haystack, an early stage investment firm now investing out of it's third fund, with previous investments being Instacart, DoorDash, Managed by Q. In the past he has also been a consultant to some of the leading funds in the valley including the likes of Kleiner Perkins, DFJ, General Catalyst and more. If that was not enough, Shah also has an extensive career in media having been a contributor for both TechCrunch and the Harvard Business Review in the past. Due to all of this Shah was listed by Marc Andreesen as one of his '55 Unknown Rockstars in Tech'. In Today's Episode You Will Learn: 1.) How Semil made his way into VC? How did he come to create Haystack? 2.) What were the challenges and concerns for Semil in raising and establishing his own fund? 3.) Question from Michelle Tandler: How does Semil send deals through to Series A? What is his 'cool' process? What are the commonalities of those that make it to Series A and those that do not? 4.) How has Semil approached the aspect of personal VC branding? How does he evaluate the rise of the personal VC brand in the last few years? 5.) Why does Semil believe he is not 'founder friendly' in the conventional sense? Items Mentioned In Today's Show: Semil's Fave Book: Burmese Days by George Orwell Semil's Most Recent Investment: AquaCloud As always you can follow The Twenty Minute VC, Harry and Semil on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Snapchat here! This episode was brought to you by DesignCrowd, the online marketplace for custom graphic, logo and web design that helps startups, entrepreneurs, web developers and agencies outsource design projects to designers from around the world. How Does It Work? Once you have launched your brief, designers will begin submitting quality designs for you to review. With some constructive feedback, you can quickly generate a large gallery of designs that really do fit your needs. You can have exactly what you need within just three days. Once you have selected your favourite design, you will be sent all the files you require to update your branding. If you don't like any of the submitted designs, then DesignCrowd offers a money back guarantee. So checkout designcrowd.com/VC and enter the promo code VC100 to get an astonishing $100 off your next project.

25 Juli 201623min

20VC: Unity 3D's David Helgason on Building a $bn Business, Getting Funded By Sequoia and Powering The Pokemon Revolution

20VC: Unity 3D's David Helgason on Building a $bn Business, Getting Funded By Sequoia and Powering The Pokemon Revolution

David Helgason is the Founder and Board Member @ Unity 3D. The company that recently announced a new $181m Series C, valuing the company at $1.5bn. Unity's platform has revolutionized the game industry by allowing any size studio from Indie to Triple-A to create beautiful and compelling games and experiences and monetize them with their advertising and analytics services. As for David, he served as CEO of Unity from its founding in 2003 right up until 2014 taking the company through numerous funding rounds including from the one and only Sequoia Capital. In Today's Episode You Will Learn: 1.) How David came to found Unity 3D? 2.) How pivotal was the rise of the App stores to the rise of Unity 3D? What does David make of Apple's recent announcement to add paid search and subscription pricing? 3.) How does David evaluate the current gaming landscape? What does he not like abou the industry and how the major players are operating? 4.) What are David's thoughts on the emerging platforms like AR and VR? How does he incorporate them into Unity's future product roadmap? 5.) How was the fundraising process for David with Unity? How did the Sequoia investment happen and what has it been like to work with them and Roelof Botha? Items Mentioned In Today's Show: David's Fave Book: Guns, Germs & Steel As always you can follow The Twenty Minute VC, Harry and David on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Snapchat here! This episode was brought to you by DesignCrowd, the online marketplace for custom graphic, logo and web design that helps startups, entrepreneurs, web developers and agencies outsource design projects to designers from around the world. How Does It Work? Once you have launched your brief, designers will begin submitting quality designs for you to review. With some constructive feedback, you can quickly generate a large gallery of designs that really do fit your needs. You can have exactly what you need within just three days. Once you have selected your favourite design, you will be sent all the files you require to update your branding. If you don't like any of the submitted designs, then DesignCrowd offers a money back guarantee. So checkout designcrowd.com/VC and enter the promo code VC100 to get an astonishing $100 off your next project.

22 Juli 201624min

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