Prasanna

So what that means is we don't want to lock them into chasing funding every 18 months.

We want to make sure that, hey, if you're building a business, if you can get to 5 million and you're cashflow positive and you're making, let's say 2 million net, then you can return money to us at a good multiple.

Yeah, it's a great business, right?

So I literally have one of our first cohort startups.

I won't tell you who, but they're at 6 million in ARR and they have two and a half million in cash in the bank every year.

And they don't want to raise money.

They don't want to get into the rat race.

And they're growing 50% year on year.

So out of the first 10 startups that we worked with, Nathan, we now have six startups of a million dollars in ARR.

Out of that six, there are three that have crossed a $5 million ARR.

So think about this from a fund perspective.

We are investing in something like a $2.5 million kind of evaluation.

If they get to a 5 million, and even in today's time, let's say they're at a 5x kind of a multiple, they're at a 25 million valuation, right?

So we have a 10x in a valuation jump in about 30% of our companies.

So that takes care of a lot of the return.

Right.

So two ways, right?

One is, so we are not like, we are not holding that equity forever, if that's the question, right?

We do have to return.

And the two ways that we return is one, if they are never raising any capital, then they can buy back just like in the Indie VC model.