Ramtin Naimi
speaker
1,391 appearances
1 recordings
1 series
first heard Jul 2025
last heard Jul 2025
Ramtin Naimi’s voice in public audio — every appearance, attributed to the second.
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Appearances
If there's multi-stage funds around the table, the deal will get done no lower than 25 and it'll probably get done no higher than 50.
If it gets done higher than 50, it means one multi-stage got really excited and just turned it straight into a series A, at which point it's not really a fit for me anymore.
And that does happen.
The 50 is something I should have taken into consideration because every venture capital firm has a portfolio construction model.
And my portfolio construction model says that I want to own eight to 10% of 60 companies at seed.
And I want to maintain that 10% ownership and the best 10 of those companies through series B. I have assumptions for what my entry valuation needs to be into these companies.
It used to be, I want to maintain an average entry valuation of sub 20 million.
That's become impossible.
I used to be able to do that, but I could no longer maintain an average entry valuation of sub 20 million.
Maybe my average entry valuation today I want to maintain is sub 30 million.
That means sometimes I'll do a deal at 15 posts because I found a deal that was off the beaten path and it's a pre-seed.
Maybe I took an early bet on people.
Sometimes I'll do a deal at 50 posts, but if I can maintain an average entry valuation of sub 30, it'll be nice.
If you start doing too many deals that are north of your 30, you start messing up your portfolio construction model because the more deals you do over 30, the less number of shots you have on goal.
Because if my goals have 60 companies per fund and suddenly my entry valuation starts to deviate from what I modeled in my portfolio construction model, then I start needing to consider myself, is investing in this company worth losing one shot on goal out of this fund?
That's kind of when you start thinking about price a little bit more discerningly.
And sometimes the answer is yes.
I'm just like, I want to invest in this company.
This company needs to be in the fund.
You kind of need to convince yourself that you like it twice as much as another company in your fund because you're shooting two bullets on one deal.
Showing 681–700 of 1,391 · page 35 of 70
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