Mamoon Hamid

And hopefully we can help them a little bit in building their business. So what's different? What's different is that there is more capital in our industry than ever before. That capital at times thinks that everything will be a deck of corn. You're overfunding some companies. Maybe they deserve it because they're the far and away leaders.

But at the same time, there's another half a dozen, dozen competitors that get funded. What

But at the same time, there's another half a dozen, dozen competitors that get funded. What

But at the same time, there's another half a dozen, dozen competitors that get funded. What

How do you think about that? We are primarily early stage focused. We have an $800 million fund for that. And then we have a $1.2 billion growth fund. This team of seven folks invests out of both of those funds. I would characterize us as boutique because we're kind of a small team that believes in the craft of venture capital. We think it's a business that doesn't scale, actually.

How do you think about that? We are primarily early stage focused. We have an $800 million fund for that. And then we have a $1.2 billion growth fund. This team of seven folks invests out of both of those funds. I would characterize us as boutique because we're kind of a small team that believes in the craft of venture capital. We think it's a business that doesn't scale, actually.

How do you think about that? We are primarily early stage focused. We have an $800 million fund for that. And then we have a $1.2 billion growth fund. This team of seven folks invests out of both of those funds. I would characterize us as boutique because we're kind of a small team that believes in the craft of venture capital. We think it's a business that doesn't scale, actually.

We're not scaling through people, but we have the scale of capital. Our growth fund even, half of the dollars are invested in our best companies from our early stage funds. So it doesn't require us to have a large team, so to say, because we're already involved with some of these companies like Rippling and Glean and Figma that we're doubling down into out of our growth fund.

We're not scaling through people, but we have the scale of capital. Our growth fund even, half of the dollars are invested in our best companies from our early stage funds. So it doesn't require us to have a large team, so to say, because we're already involved with some of these companies like Rippling and Glean and Figma that we're doubling down into out of our growth fund.

We're not scaling through people, but we have the scale of capital. Our growth fund even, half of the dollars are invested in our best companies from our early stage funds. So it doesn't require us to have a large team, so to say, because we're already involved with some of these companies like Rippling and Glean and Figma that we're doubling down into out of our growth fund.

Yeah, so reserves is one. It's like when you have an early stage fund and we typically invest in about 35 companies per fund. So how much do you reserve for each one of those investments? We try to invest, and we've looked at the math, more than half in that first check.

Yeah, so reserves is one. It's like when you have an early stage fund and we typically invest in about 35 companies per fund. So how much do you reserve for each one of those investments? We try to invest, and we've looked at the math, more than half in that first check.

Yeah, so reserves is one. It's like when you have an early stage fund and we typically invest in about 35 companies per fund. So how much do you reserve for each one of those investments? We try to invest, and we've looked at the math, more than half in that first check.

So let's say you're doing over the life of the company, you're investing $25 million in that early stage company, but you're starting out with a $15 million check. And then you're reserving another 10 for the series B and beyond. And it's generally worked out pretty well. So you're 60% initial, 40% for subsequent two rounds? That's a rough, rough math.

So let's say you're doing over the life of the company, you're investing $25 million in that early stage company, but you're starting out with a $15 million check. And then you're reserving another 10 for the series B and beyond. And it's generally worked out pretty well. So you're 60% initial, 40% for subsequent two rounds? That's a rough, rough math.

So let's say you're doing over the life of the company, you're investing $25 million in that early stage company, but you're starting out with a $15 million check. And then you're reserving another 10 for the series B and beyond. And it's generally worked out pretty well. So you're 60% initial, 40% for subsequent two rounds? That's a rough, rough math.

And then we move dollars around, you know, a company may get acquired early or a company might shut down and we'll rejigger those dollars around. It's an art and a science. When you don't do it, how do you communicate that to founders as well?

And then we move dollars around, you know, a company may get acquired early or a company might shut down and we'll rejigger those dollars around. It's an art and a science. When you don't do it, how do you communicate that to founders as well?

And then we move dollars around, you know, a company may get acquired early or a company might shut down and we'll rejigger those dollars around. It's an art and a science. When you don't do it, how do you communicate that to founders as well?

It is a tough, if you're not giving someone, well, I think because we're on the board and there's so much signaling involved in us doing, let's say nothing, we generally do something. And I think that's allowed us to get away with doing a small amount in a follow-on round.