Unlike Amazon seller aggregators, @patternbrands is buying real brands that have real value—not just widgets. Here is why we continue to believe in the strategy and are continuing to invest in their $25 million Series B.
1/ We know ecommerce fragments consumer brands’ market share. Offline retail promotes monopolies/oligopolies b/c of limited shelf space—a store can only carry so many detergent brands. Ecommerce doesn’t have these limitations. Consumers have much more choice.
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Wonderful but weird to be on #ForbesMidas. Having been a founder, I got into investing to stay involved in early-stage building. It's a lot easier on this side!

40 companies, 12 years, 8 unicorns, and 1 decacorn later, I have some lessons and predictions: Seed deal flow is all about people. Most of my best investments—Coupang, Jet, Chief—came from years-long relationships with founders. Your pipeline is all the incredibly talented people you know and the supportive relationships you foster before they decide to start the business.

Building a VC firm is an entrepreneurial endeavor. With today’s rebrand, some background on how we at Primary got our scrappy start: 🧵 1/ When Brad and I started Primary, it was like running a seed stage startup. Our 1st fund was $60 million;2% management fees meant an annual budget of $1.2 million to pay salaries, benefits, office space, legal fees, office supplies, travel, etc. We cut costs wherever we could.