Thread by @TurnerNovak

I just finished putting together my second fantasy VC portfolio. Here’s a quick thread with an overview of my process and a link to read the full PDF that includes a one-page write-up on each investment.

docs.google.com/document/d/1FN…

My portfolio includes plays on restaurants, elevators, last mile delivery, computer vision, groceries, direct mail, weddings, school lunches, flowers, circular consumption, bees, taxes, employee perks, data management, stories for enterprise, micromobility, and digital avatars.

I tried to stay as early as I could (less than $10M raised) as that’s what I’m most interested in.

I prioritized positive long-term societal impact, and think investing in such a way can actually generate outsized returns in the right capacity.

I like companies with unique business models, clear revenue prospects, opportunities for defensible distribution channels, and hints of a large markets with incumbents that are un-incentivized to react.

My sourcing process is a combination of friends, Twitter, Reddit, other social channels, proactively helping founders and investors, some Product Hunt-ing, a little Hacker News, and following too many blogs, newsletters, and podcasts.

I did all my due diligence remotely, in my free time, with no budget, and almost entirely blind to metrics.

I see what all I can dig up on Google, Reddit, and YouTube, listen to podcasts, read blogs/reviews, scan Twitter/social, and ask people smarter than me too many questions.

Companies raising follow-on rounds is a key indicator for early stage investors. I’ve gotten lucky since I put out my first fantasy portfolio in Aug ‘18 (see link), with four of seven raising follow-on rounds in less than a year, and one raising two

Link: drive.google.com/file/d/1vs_MDt…

I've loved applying my background in credit, PE, and as an allocator to early stage investing. I know I'm just scratching the surface and still have tons to learn

Would appreciate any and all feedback on this! Here's another link if you missed it up top:

docs.google.com/document/d/1FN…