1) Yesterday I had a call w/ a portfolio founder - he was going through really tough times. He was running out of cash & had to let go of a lot of his employees. The pandemic has not been easy for him. His mental health is in a rough spot
2) Today I saw the latest markup on a company I backed in 2015. 76x net paper markup! I could not be happier for that founder & company & was thinking about the two situations.
They're actually more alike than you might think.
3) My past portfolio co, like so many, couldn't raise any money. Didn't have fast growth for 4+ yrs. Had a couple of restarts. Insane scrappiness. Tearful conversations even.
In fact, they retain a lot of equity, BECAUSE no one would back them for so long.