Hunter Thompson

You know, well, yeah, that would have been really good.

You know, well, yeah, that would have been really good.

So my story with them, I actually knew the founder, Nick Green, and he's a co-founder with Gennar. And the reason that they gave us the opportunity to invest is that they got said, they were told no from basically everyone, right? They went in there like, we're going into the grocery. Yep. niche, we're going to take over. And all the VCs were like, whatever margins are thin, like get out of here.

So my story with them, I actually knew the founder, Nick Green, and he's a co-founder with Gennar. And the reason that they gave us the opportunity to invest is that they got said, they were told no from basically everyone, right? They went in there like, we're going into the grocery. Yep. niche, we're going to take over. And all the VCs were like, whatever margins are thin, like get out of here.

Like Amazon's going to eat you. You know what I'm saying? And I just knew Nick, he's a smart guy. He got a perfect score in the SAT. I liked the niche and I was like, whatever, here's the money. And I feel very fortunate about that. Now I'm not going to go into the details of like how the deal was structured, but the point is it was structured by a convertible note.

Like Amazon's going to eat you. You know what I'm saying? And I just knew Nick, he's a smart guy. He got a perfect score in the SAT. I liked the niche and I was like, whatever, here's the money. And I feel very fortunate about that. Now I'm not going to go into the details of like how the deal was structured, but the point is it was structured by a convertible note.

That is a discount to the next round. Right? So I write this check and I'm like, let's go, baby. They launch it. This is my first time investing in a startup. You're going to start laughing where this is going. As soon as I send the check, they had this soft launch and start taking off like a wildfire. But my round hasn't been established yet. So they're ripping in revenue. And I'm like, uh-oh.

That is a discount to the next round. Right? So I write this check and I'm like, let's go, baby. They launch it. This is my first time investing in a startup. You're going to start laughing where this is going. As soon as I send the check, they had this soft launch and start taking off like a wildfire. But my round hasn't been established yet. So they're ripping in revenue. And I'm like, uh-oh.

They're going to have to be the next GoPro for me to make any money. Now, they ended up doing very well. But the point is... They ended up doing a very large series A, one of the most largest in California, and then a very large series B. Now, is it that they blew all the money and didn't do well? No, they were taking off like a rocket ship. And so because of that, you've got this little fire.

They're going to have to be the next GoPro for me to make any money. Now, they ended up doing very well. But the point is... They ended up doing a very large series A, one of the most largest in California, and then a very large series B. Now, is it that they blew all the money and didn't do well? No, they were taking off like a rocket ship. And so because of that, you've got this little fire.

You're like this little seed fire. This is when I invest and now it's turning into a freaking raging thing. And you're sitting there with gas and the gas is cash and you just how much can we pour on this thing? And so that's what they were doing.

You're like this little seed fire. This is when I invest and now it's turning into a freaking raging thing. And you're sitting there with gas and the gas is cash and you just how much can we pour on this thing? And so that's what they were doing.

And so when they went back to their investors, you know, there's an important distinction between like the people that invest in seed deals, like you just mentioned, you don't typically do that. There's people that's, that's all they do. Right. Then there's other people maybe closer to you where they want to see multi seven figures in revenue.

And so when they went back to their investors, you know, there's an important distinction between like the people that invest in seed deals, like you just mentioned, you don't typically do that. There's people that's, that's all they do. Right. Then there's other people maybe closer to you where they want to see multi seven figures in revenue.

Then there's other people that are like, I only want to see a hundred million or more. Right. So like sometimes it's a profile thing, but usually you would want to go back to the people that made that early investment. For a lot of reasons, sometimes it's contractual, sometimes it's just relationship. Hey, listen, you're the one that gave us our first twenty five K. And so that typically happens.

Then there's other people that are like, I only want to see a hundred million or more. Right. So like sometimes it's a profile thing, but usually you would want to go back to the people that made that early investment. For a lot of reasons, sometimes it's contractual, sometimes it's just relationship. Hey, listen, you're the one that gave us our first twenty five K. And so that typically happens.

But in the world of like private equity, usually there will be lead investors and those lead investors usually have like a profile based on revenue or EBITDA, which is kind of like net profit.

But in the world of like private equity, usually there will be lead investors and those lead investors usually have like a profile based on revenue or EBITDA, which is kind of like net profit.

and so that's the story of thrive market and now they're on a tear i mean i wouldn't be surprised if they ipo'd eventually you know at a multi-billion dollar valuation they did a really good job but the the margins are thin so it's not like they didn't do well they can turn it off at any time but that's kind of like the story of any business when you're trying to offset taxes when you're trying to buy employees you're trying to hire an onboard for the next year's growth

and so that's the story of thrive market and now they're on a tear i mean i wouldn't be surprised if they ipo'd eventually you know at a multi-billion dollar valuation they did a really good job but the the margins are thin so it's not like they didn't do well they can turn it off at any time but that's kind of like the story of any business when you're trying to offset taxes when you're trying to buy employees you're trying to hire an onboard for the next year's growth