Samir Kaji

speaker

769 appearances 5 recordings 1 series first heard Sep 2025 last heard 28 Jul

Samir Kaji’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 4 in all, peaking in Jul 2026 with 1.

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Venture Unlocked: The playbook for venture capital managers · Has venture capital lost the plot? · 28 Jul 2026 podcast

The amount of capital at that stage was fairly minimal.

And it's still small in the grander scheme of things today.

If we look in 26, in terms of share of total dollars, if you look at seed versus everything else, and what I mean is real seeds, not the $100 million frontier, $100 million round for Frontier Lab or $200 million round.

I put those as non-really seed companies.

And as a result of that, we have still seen a lot of funds being raised since then.

In fact,

I think back in 2023, we did a study and said, how many funds or new firms are created between 2012 and 2023 in the US?

And it was like 2000.

It was something enormous amount of number.

And many of your peers have actually gone bigger.

So they might have started off with like $40 million funds.

But as a result of seed rounds getting bigger, more capital at the Series A round to be doing your pro rata.

That $40 million fund in some cases is $300 million, $400 million, $500 million and not really a seed firm.

How did you make the decision and how tough was it to kind of stay at the current fund size, which is still in that $100 million range?

When you talk about that, obviously, that creates a lot of alignment, both internally in terms of what the philosophy is, and your experience as founders really kind of informing what you want to do.

And from an LP standpoint, I don't think there's many LPs that would disagree with smaller funds have the opportunity to produce more alpha.

And yet it's so much capital goes into the big funds, which then have to deploy and get those $10 billion type of outcomes.

And we look back in history, and there's been some companies that have been very capital efficient and got to great outcomes.

Let's say the Trade Desk is one, Viva is another one.

Even WhatsApp didn't raise a ton of capital before ultimately selling for $19 billion.

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