Index closes $200 million dedicated seed fund to intensify multi-stage thesis tcrn.ch/2PJPaSJ via @techcrunch
@TechCrunch What I love about this is the framing. Index's roots were in taking early stage bets on European startups when almost no one else believed Europe could generate great VC returns. But Index did.
@TechCrunch Index was early and high-conviction. And it seems Origins is returning Index to those roots.
@TechCrunch “Our view is that seed investing is truly the essence of venture capital,” said Nina Achadjian, a partner at Index who joined in early 2020. “It’s when you as an investor have to take the biggest leap of faith.”
@TechCrunch As someone who has devoted his career to this stage of investing, it's actually a refreshing and inspiring thing to see one of the great firms doubling down on this strategy - and this philosophy.
The market is recognizing that "First Check" is the past, present, and future of exceptional VC performance.
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The atmosphere of sheer panic among VCs these days is disconcerting. If I was an LP, I would be sitting on my hands right now. Up and down the capital stack, people have lost their wits, if not their minds.
How do I know? Two things: (1) speed and (2) strategy drift.
(1) Speed. Things are moving so insanely fast there is literally no way anyone is doing any due diligence or actual research at all. No one is asking hard questions. Since "everything goes up and only up" better go faster.
I'm not sure this is true, but I am starting to think it might be. Thesis: seed funds and "accelerators" basically can no longer work together. Choose one path and you self-select out of the other.
The best seed funds, like Angular, have gotten pretty good at adding a ton of value and connecting portfolio companies with customers and investors. We're willing to write big checks and build great syndicates - and in many cases, we add a lot of signaling power.
If you have a great seed fund onboard, you don't really "need" the benefits of an accelerator - and they are probably not worth the significant dilution that they involve. The seed funds should get you to the Series A.
Secret of early-stage investing in a four easy steps:
1. Develop a strong internal sense of what "truly great" looks like. This is the key step. Get this wrong and the rest is irrelevant. Here you must be intellectually honest and very humble. "Truly great" is a matter of fact not opinion. A matter of past not future.
The best way to do step 1 is to encounter truly great. Work at a company that is truly great. Work at a VC firm that is truly great and invests in companies that are truly great. Constantly ask: "did I earn the right to this opinion about greatness?"
Angular Ventures is super excited to release our 2020 Data Deck on Enterprise & Deep Tech VC Investment in Europe & Israel. 73 pages of proprietary data & analysis. (Thank you @poetential for all the hard work here!)
As with everything, this is a massive team effort. Andrew @poetential Posaste did an amazing amount of work on this. Couldn't have done it without. Thank you, Andrew! (Founders who haven't met him yet should reach out...)
People seem to going absolutely bananas about an Israeli proposal to establish an age-based and points-based system for Coronavirus release.
Regretfully, I mistakenly characterized this as a "policy" as opposed to a "proposal" in a twitter thread that has absolutely exploded (nearly 700K views - completely insane).
Again, let me add the necessary caveats that I am CLEARLY not an expert on anything related to Coronavirus. That said, I think it's worth highlighting a view things:
Woke up to good news from Israel on ending the Coronavirus lockdown this morning, which I think should be shared widely in English.
With the appropriate caveats that I am not an expert in any relevant field, here's my best understanding of what the Israeli government is doing to end the lockdown:
Israel has had ~200 deaths and ~15,000 confirmed cases so far. It was early to close flights and impose lockdowns.