Huge milestone: $2B in Total Value Locked in
@magna_digital
vesting contracts!
Please reach out @ if you need help with:
– on-chain token vesting/unlocks
– grant mgmt
– tax withholding
– community airdrops / claim portals
– streaming
Proud of our team!
$700M+ in TVL in our Magna vesting contracts right now across Ethereum, Solana, Polygon, BNB, and Arbitrum.
Value tracked (not in escrow but airdropped directly by teams to recipients) is even higher.
Insanely proud of our team!
Met a YC founder who downgraded his iPhone to a Blackberry to reduce distractions.
No iMessage. Twitter. Facebook. TikTok. Just black and white productivity.
I committed on the spot
Wildest VC pass email so far: “not enough room in your round for the exposure, so we’ll likely go fund a competitor! You gave us a lot of conviction on the space!”
I’m bored with Marc Andreessen.
I’m bored with Peter Thiel.
I’m bored with Vitalik.
I’m bored hearing nonstop about a few lucky billionaires, who invented nothing, freed no one, and saved no lives, being treated as superhuman celebrities. They’re just rich dudes. Yawn.
@anothercohen
Functionality. I like this graphic, explains the features (including A/C). Plus they're going electric.
This is probably a shitpost though and you don't actually care 😂
Founders: If your calendar doesn't look like this while fundraising (seed+), you're not getting the most out of it.
At peak fundraise I had 50+ meetings in a week. Most in 1 day was 18.
I recommend most founders to be full-time fundraising when doing it. All out or not at all.
I joined a VC firm two years out of college. Quickly realized - “why would anyone want to work with me? I’ve never built or launched anything or ran a real team.” So I reneged on that offer to go back to a startup to be a PM and later start something. No regrets.
I'm going to SF for a week. Just found out my SF friend is coming to NYC for a week. We just saved each other $2k by swapping apartments.
There should be an app for this!
Founder raised $5M and their lead VC won’t let then take home a livable wage in NYC, smh
A founder’s at their best when they’re not worrying about money for basic needs IMO
Loaned a founder $4k to be able to pay their rent until their round closed.
Not every founder has the resources to self-fund prior to VC backing, and I think it's something a lot of folks take for granted. Esp. w/ overlooked founders.
They ended up raising an amazing round :)
Met a founder the other day who said:
"This VC was so excited but then they got hung up on this question of 'How are we going to generate revenue?' I'm not sure how to close them."
My brother in christ that shouldn't be a stumper
Have yet to find any part of NYC as refreshing or inspiring as places like Alta plaza, presidio, pacifica, land’s end, marina green, GGP, Marin and other places I could get to in <30min from my old place in SF.
Hard to find peace in the concrete jungle imo
Going to start an SF fund: we only invest in San Francisco, South Florida, and the South of France. How do I get connected to the Marseilles startup scene??
If your VC looks like this, you’re getting 3x participating preferred, full ratchet, MFN, ROFO, super pro rata, two board seats, monthly audited financials, and a new CEO in six months.
Looking through the YC pitches and it is impressive how many companies have gotten to $50k-100k+ ARR in just 3 months.
Good reminder that you CAN get to revenue quickly. Part of the focus that YC drills into you.
Angel/Microfund: "Call me whenever, I don't care if it's 2am."
VC: "[autoresponse] It's July, I'm in Kona for a few weeks. For urgent matters, please reach out to one of our associates."
Time to tell the real story of the house I bought in Miami last summer, and then sold a month later. Which I just pretend never happened.
At least I now have a thread to send to everyone that asks.
1/n
Dear founders: 👏 run 👏 a 👏 process 👏
If you don’t, you’ll end up w a term sheet deadline wondering if you could’ve gotten better terms / investors / leverage (from more term sheets)
It doesn’t have to be a long process, but it should be TIGHT (you can spin up quickly).
I miss SF
I’d rather be at a hacker house than a bar on a Friday night
I stay up until 4 AM working on a hackathon project in NY and my friends here look at me like I’m crazy
Builder culture just not the same (I’m sure there are pockets of it but you really have to seek it)
What’s the trick with Miami. It’s sunny, running weather year round, everyone is beautiful, apartments have nice finishings, food is good, Brickell is as walkable as any European city. ??
Tier 3 VC helpfulness: "When are you free to catch up for 30min in the next two weeks?"
Tier 2 helpfulness: "What are the three things you need the most help with?"
Tier 1 helpfulness: "Sent you two customer intros last week and 1 candidate. Anything else you need?"
Saw an amazing founder w a Lead TS at $6M cap.
Helped him push back, improve the pitch, and he raised at $20M a month later.
Too many VCs would’ve pounced on the low val and syndicated it vs helping them get the best val they could get. That’s why you need angels in your corner
How do I get more plugged into the NYC tech scene?
I felt like SF tech scene was one big extended family of VCs, founders, and operators that hang out all the time. I felt like I knew or saw most people regularly.
In NYC, need to make an effort to seek out tech people 👀
Dear founders: Legit VCs/investors won't sign NDAs.
Whenever someone has wanted me to sign an NDA, 99.99% of the time their idea wasn't that original or that interesting.
Who are the best pre-seed and seed crypto VCs investing in <$3M rounds?
Know a bunch of solid startups raising rounds of that size, would love to know good people to route them to!!!
4:49 PM · Feb 14, 2023
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Walked into an NYC party last night w/ SF people. First question I got (after my name) was "What three adjectives would you use describe yourself? What is an example of a time when you really embodied one of those adjectives?"
SF conversation starters are something else 😂
I’m the slowest I’ve ever been.
Starting to run again. Probably gonna be an 11min pace.
But to be good at anything you have be ok being bad at it first.
Health is also a top priority this year, as it hasn’t been in the past.
Goals: run a half, mile <8, lose 40 pandemic lbs
Sent my immigrant mom pictures of the celebrities I met this week.
All she said was “they already made their money, when are you going to make yours?! Not by partying!”
I've yet to see a startup that doesn't come out stronger from a fundraising process.
Having your startup challenged from every possible angle makes your pitch cleaner and expands your vision with new ideas.
Our roadmap is bigger, bolder, and sharper than ever before!
We’re trying something revolutionary at Magna - we call it “Code to Earn”.
We’ll pay you for every hour that you spend writing code! Need a minimum of 40h/week.
If you’re interested in a 12-month beta access, DM me for whitelist!
Just caught up with my Danish friend in Copenhagen. Good salary, owns a nice apartment, gets 7 weeks of vacation a year, and when he has a baby soon he’ll get 26 weeks off +$700/month from the government until the child is 3. It’s like a peek into a different universe.
Congrats to my grandma who at **85**, after a lot of studying, got her US citizenship!!!! 🇺🇸 🇺🇸 🇺🇸
Send her nice thoughts, I’d love to screenshot and share :)
Funniest scenario in the fundraise so far:
– VC: *wires us $100k*
– Me: "We have you down for a $50k allocation what's up"
– VC: "Yes but we want $100k"
They made fun of me when I started angel investing, now I have two unicorns in my portfolio.
They made fun of me when I put 95% of my net worth into Bitcoin @ $25k and now it's to the 🌙
They made fun of me for buying GME at $300 and.... well, you can't win them all.
Drafted a thread called “15 ways VCs gaslight founders during the fundraising process, intentionally or unintentionally”.
Scared to post it, but 100% of VCs I’ve shown it to have found it absolutely hilarious and true 😂
New founder just asked me "Why do VCs keep sending me press releases/articles about shitty/vaporware competitors asking what we're doing about them? I've been tracking them all for months/years.. Also they're not adding anything, just sending links"
Me: Welcome to founder life
Had probably one of the worst pitch meetings of my life this past week as a founder (and I've pitched hundreds of times across 3 venture-backed companies).
Conversation felt like a hospital intake. No reaction to what I was building. "Market size? Got it. GTM? Mmhm. Team? Ok."
Out of the OR on my nose and throat surgery. Please send good wishes <3
All went well, but in a decent amount of pain. Overnight in hospital. No eating or talking for the next two weeks 😇
@pudgypenguins
keeping me company
I heard of the most INSANE investor provision yesterday. 5x liquidation preference that goes away at the Series A to prevent the team from being acquihired. Like 🤯