Nabeel Hyatt

And that was a very, very fast, very, very competitive. They had term sheets for quite a bit higher. But, you know, I'm getting dinner with the founders. I'm going for walks in the morning. Like I met with those guys six, seven times before we invested in the span of a week. You don't have time, but in the span of a week, because you care.

I'm not that price sensitive. I mean, there's always a number. We could go through the deals that we didn't do because the price got away. There's always a price where it just doesn't make economic sense anymore.

I'm not that price sensitive. I mean, there's always a number. We could go through the deals that we didn't do because the price got away. There's always a price where it just doesn't make economic sense anymore.

I'm not that price sensitive. I mean, there's always a number. We could go through the deals that we didn't do because the price got away. There's always a price where it just doesn't make economic sense anymore.

I feel like for us, valuation is always a test on conviction. Like if you liked it at 60, but don't like it at 65.

I feel like for us, valuation is always a test on conviction. Like if you liked it at 60, but don't like it at 65.

I feel like for us, valuation is always a test on conviction. Like if you liked it at 60, but don't like it at 65.

Because we run a fund the way that we run, a small number of investors, six investors with a $700 million fund is kind of broken in venture capital. And so what it means is usually it's not about valuation, usually it's about check size.

Because we run a fund the way that we run, a small number of investors, six investors with a $700 million fund is kind of broken in venture capital. And so what it means is usually it's not about valuation, usually it's about check size.

Because we run a fund the way that we run, a small number of investors, six investors with a $700 million fund is kind of broken in venture capital. And so what it means is usually it's not about valuation, usually it's about check size.

So in our model, if you really believe in the company and you want to have the ownership that you have and you believe that they're at the right stage, then it's about whether you're going to write a $5 million check, a $10 million check, a $15 million check, a $20 million check.

So in our model, if you really believe in the company and you want to have the ownership that you have and you believe that they're at the right stage, then it's about whether you're going to write a $5 million check, a $10 million check, a $15 million check, a $20 million check.

So in our model, if you really believe in the company and you want to have the ownership that you have and you believe that they're at the right stage, then it's about whether you're going to write a $5 million check, a $10 million check, a $15 million check, a $20 million check.

And so sometimes you say valuation, but I root back to maybe that founder is raising around and you don't think they're going to spend $20 million very well and it will mess up the company. There is absolutely a belief, for me at least, that too much capital can mess up a company. And so sometimes it's not about valuation, although obviously it's algebra. These things are all related.

And so sometimes you say valuation, but I root back to maybe that founder is raising around and you don't think they're going to spend $20 million very well and it will mess up the company. There is absolutely a belief, for me at least, that too much capital can mess up a company. And so sometimes it's not about valuation, although obviously it's algebra. These things are all related.

And so sometimes you say valuation, but I root back to maybe that founder is raising around and you don't think they're going to spend $20 million very well and it will mess up the company. There is absolutely a belief, for me at least, that too much capital can mess up a company. And so sometimes it's not about valuation, although obviously it's algebra. These things are all related.

It's about a $25 million round here is probably going to kill this company. And so if it was a $10 million round, I'd be in. And also we'd have the ownership properly and it'd be a good partnership. But I think this company will be different with this amount of capital into it. And so the company changes. Which one stands out most? Mine is Figma. It was quite a while ago now.

It's about a $25 million round here is probably going to kill this company. And so if it was a $10 million round, I'd be in. And also we'd have the ownership properly and it'd be a good partnership. But I think this company will be different with this amount of capital into it. And so the company changes. Which one stands out most? Mine is Figma. It was quite a while ago now.

It's about a $25 million round here is probably going to kill this company. And so if it was a $10 million round, I'd be in. And also we'd have the ownership properly and it'd be a good partnership. But I think this company will be different with this amount of capital into it. And so the company changes. Which one stands out most? Mine is Figma. It was quite a while ago now.

It was still pre-launch. So it was trying to write like a very large check pre-launch. For me, it's that because also there was just like a connection with Dylan. It's not just that it was a large valuation. It's that I think that that journey would have been fruitful and interesting and an amazing way to spend five to 10 years of your life.