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@WizLikeWizard
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🌝 Moonshot VC @Spacecadet ✦ Investing in Spacecadets & helping share their story. 2x Founder. Techno-Optimist. Sometimes Chef. Son of immigrants. 🇨🇦
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Joined April 2009
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Our $15M Pre/Seed fund is OFFICIALLY CLOSED 🚀
Most VCs just invest.
We share stories that transform tomorrow.
Here’s ours 🎬
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After my startup got acquired last year, I was totally lost on what to do next. I didn’t want to start another company but my skills as a founder didn’t really feel transferable into a job 😔
So, I started studying for the GMAT to get an MBA 🥴
Spoiler: it was a bad idea. 🧵👇
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The worst version of a fundraising ask is “we need $3M to give us 24 months of runway”.
The best version is “we need $3M to accomplish these 3 critical projects we have planned that will take us from X users/revenue to 5x in 18 months.
We need these 4 new positions to pull it…
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Founders: if you’re going to spend years++ of your life eating glass, make it worth it. Build something transformational.
We don’t need more incremental ideas.
We don’t need the 86th dating app, or the 43rd Notion, or 100th Neobank.
Change the world. Build a Better Future.
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Perfect Pre-Seed Round:
💰 $1.25M on $6M Post SAFE.
🥇$600K from great Pre-Seed lead
🥈$500K from two value add/strategic micro-funds
🥉 $150K from 5-10 operator Angels
Here’s how to do it 👇🧵
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Those who have read
@JamesClear
's Atomic Habits:
What environmental cues have you added (or removed) in your life?
E.x. leaving your guitar out and accessible in your living room to encourage practicing more
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Raising a first fund is an incredibly hard & opaque process 🥵
We asked 22 top emerging fund managers (Harry Stebbings, Turner Novak, Jeff Morris Jr, Ryan Hoover, etc) for their biggest shareable secret to raising a new fund 🧵
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⚠️
#1
mistake founders make is simply talking to the wrong investors.
Huge lists of 1,000+ are unhelpful IMO. I struggled to parse them when I was a founder 😱
Most important part of fundraising is finding the right investors for your company AND stage.
Top 10 Pre-Seed 👇
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Perfect Seed Round:
💰 $3M on $15M Post SAFE.
🥇$2M from great Seed lead
🥈$750K from 2-3 value add/strategic micro-funds
🥉 $250K from 5-10 operator Angels
Here’s how to do it 👇🧵
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Just signed and wired for our first investment of the year!
2:18PM: Founder cold DMed me last Friday
2:22PM: I replied
2:34PM: He emailed deck
2:48PM: We got on a Zoom
5:21PM Saturday: Emailed him a commitment
Wired today.
2023 is going to be one hell of a year 👨🚀
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It's the 30 Year Anniversary of Magic the Gathering 🃏
So we transformed 30+ Tech Titans into Magic cards 🪄
See them all below 👇
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Buenos Aires is great to visit this time of year! Warm, beautiful, and cheap!
- $90 Dinner for 7 at v chic spot with wine and cocktails
- $10 One hour Uber
- $5 Haircut at vibey barbershop
- $2 Wash and fold
- $1.30 Cortado at great coffee shop
Makes SF prices feel insane
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You're in her DMs. I'm on her cap table. We're not the same. 😼
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Signed another $1M LP yesterday so we’re now full!! 🥳
Our first LP call was Oct 5 which means we raised our $6M Pre/Seed fund in less than 2.5 months ☺️
Here's how to raise a fund in 10 weeks 🧵
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Me: Thinking about raising a $5-10MM first fund.
Immigrant Dad: Why not $100MM??
😅
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One of our affected founders signed off their email with:
"As always, I remain completely unfazed by the incomprehensibly wacky shit that gets thrown at us as a growing startup. We'll make it through this."
Spacecadets 👨🚀😍
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VCs be like “I loovvveeee investing in weird stuff!!”
And then invest their whole fund in boring ass SaaS lol
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Here’s a curated list of the Top 36 Seed investors who are actively leading rounds.
If you’re raising a Seed, these are the people you want to be talking with:
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I cold emailed 4 billionaires today who all spoke at the Miami Tech Week Conference yesterday.
2 of them (Emil Michael from Uber and one of the co-founders of Square) replied within the hour.
One cold email could change your life. Real asymmetric upside.
Shoot your shot!
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PSA: Being a VC is at least 100x easier than being a founder. Even easier if it’s not their fund.
Anyone who says otherwise doesn’t know what they’re talking about.
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IF YOUR SLIDES HAVE MORE THAN 25 WORDS NO ONE IS READING THEM 🤷🏻♂️
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Most of you will ignore this but here’s how NOT to cold DM VCs 👇
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KP’s first fund was $8.4M
Sequoia’s was $8M
Big things start small.
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We've got 6!! a16z partners joining as LPs, including Marc and Chris 😍
Probably nothing...😏
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Peak Silicon Valley:
Taking a Zoom meeting from your Tesla in Palo Alto 😂
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💰 Here's our 30+ favorite VCs (A-Z) who *actively* lead Seed rounds!
🧵
@alexisohanian
-
@sevensevensix
@andrewparker
-
@SperoVentures
@annawbarber
-
@M13Company
@Bandrew
-
@UncorkCap
@BenjLerer
-
@LererHippeau
@BigMekaStyle
-
@Firstround
@bling0
-
@blingcapital
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I would pay extra to stay at a hotel where I don’t have to check in with a front desk person and go through all the administrative nonsense paperwork.
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Excited to finally share this!!
🚀
@spacecadet
has a new $10M fund.
💸 And we're giving away $10K in it free!
🔁 To enter: RT + follow
@wizlikewizard
@daniel_eckler
🏆 Check out “the BEST fund deck ever!” below 👇
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Miami:
- nice weather
- beach & ocean
- lush greenery & palm trees
- nice walkable neighborhoods
- safe
- low taxes
- sensible mayor
- culturally diverse
- short flight to NYC, close to Europe
🤔
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It was clear from this post that Founders really struggle to find the right investors to pitch.
If you're raising your Seed, you should be spending most of your time talking to true Seed investors who actually lead. Everything else is a distraction IMO.
Top Seed Investors 🧵
⚠️
#1
mistake founders make is simply talking to the wrong investors.
Huge lists of 1,000+ are unhelpful IMO. I struggled to parse them when I was a founder 😱
Most important part of fundraising is finding the right investors for your company AND stage.
Top 10 Pre-Seed 👇
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We’re hiring our Future Partner 🧑🚀
We’re searching the galaxy for an experienced investor to help build Spacecadet into the brightest star in VC.
The perfect person is a cosmic mix of VC x Storyteller x Founder x Astronaut ✨
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37 today!
Feeling very fortunate and excited for what the next year has in store 🥰
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I feel bad for LPs who invest in fund managers investing in things like boba tea. Software is eating the world, not tapioca.
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I cold emailed the CEO of a $22B company at first_name
@company
.com at 6PM on Tuesday.
He just replied positively.
What are you waiting for? Shoot your shot.
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🌟 We’re hiring for a Chief of Staff!
👩🚀 Do you want to take a leading role in building one of the top emerging VC funds?
✅ Are you a generalist who admires your own ability to get all kinds of shit done?
🔗Learn more below & share with anyone great!
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How do we feel about Series A investors forcing a company to shut down and return their money only one year after they invested?
Asking for a portco this just happened to 🫤
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Biggest founder mistake is talking to the wrong investors!
Huge lists of 1,000+ VCs are unhelpful. Focus on a tight list of leads.
Finding the right investors for your company AND stage is 🔑
Here's our updated list of the Top 15 Pre-Seed VCs who lead:
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3 types of VCs in their high school days:
- those who played lacrosse
- those who played Dungeons & Dragons
- those who were in detention
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YC founders building robots in a Palo Alto garage on a Friday night 😍
El Primeiro 😉
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This is a curated list The Top 10 Pre-Seed investors (in alphabetical order) who actually lead rounds.
If you're raising your Pre-Seed, this is where I'd start!
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Here's our unredacted 2023 LP Update 💫
🧑🚀 Invested in 26 new Spacecadets
🌡️ 43% deployed
💸 $100-250k checks
💡 2023 avg entry price $13.5M
🔭 65% of new 2023 investments were at <$15M
📈 30% of portfolio have raised more money at better terms
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Successfully fundraising for Pre/Seed comes down to two things:
1. Make sure you're talking to the right people
2. Make sure you're telling them the right story
Here's how to nail both 👇
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Signed a lease on a house in Palo Alto today! Now an official Bay Area resident 🦄
Who lives nearby and wants to be friends?
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$3M on $14M Post seems to be the new vanilla Seed.
Reasonable but Pre-Seed needs to come down. Founders are still coming with $10M Post expectations.
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We’re opening the last $500k of our oversubscribed $15M fund to Cadets far and wide, with no investment minimums. 🧑🚀
Spacecadet helps startups tell stories to send them to the stars 🚀
But we can’t do it alone.
[1/2]
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Another huge Series A term sheet from a tier 1 signed in the portfolio 🤩
We’re only ~60% deployed but our companies have already raised ~$200M in follow on capital.
Spacecadets are truly changing the world 👨🚀
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After listening to this bit from
@awilkinson
on
@twentyminutevc
, I was reminded that it was probably the right choice.
"My
#1
piece of feedback to people is: get experience.
If you want to be in business, start a business, don't do an MBA. ...
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36 today! 🎂
35 was a great year:
👰🏻♀️ Got married to the wonderful
@yaelisms
👨🚀 Raised a storied first fund
@spacecadet
🏡 Moved to Brooklyn
💪 Lost my COVID-20(lbs)
🦄 Invested in 27 incredible companies
Excited for what 36 has in store!
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Raising a Pre/Seed without a deck is possible...
But you're playing on ultra hard mode and ultimately doing your company a huge disservice...
Here's WHY you need a deck, and HOW to create a killer one in ONE DAY:
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Looks like all the funds are jumping in on the accelerator model!
a16z Speedrun
BTV The Mint
Conviction Commit
2048 Bio Studio
Afore Alpha
Betaworks Camp
Who else?
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Booked coffee tomorrow with one of the richest people in America (potential LP).
Some of my best connections have come from cold emailing people I snooped on portco cap tables 🕵️♂️ (Pro tip from
@jason
)
Shoot your shot.
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🤫 Steve Jobs’ secret to a great elevator pitch:
How to communicate your message in a simple, engaging way 👇🧵
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9/10 Pitch decks I see overcomplicate their messaging 😵💫
Here's how cut through the noise and get to the signal that investors are looking for:
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👨🚀
@Spacecadet
:: The Marketing VC :: Fund One
Building a Better Future through 120 Pre/Seed investments.
Every startup tells a story. Here's the story of our first 25 fund investments (our cinematic interpretation)...👇
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How to ruin your founder reputation:
1. Send zero updates to your investors
2. Ignore multiple requests for updates
🤯
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Nailing your market size is essential to nailing your pitch!
It's that magic number that makes VCs perk up and pay attention 🤤
So here's everything you need to know about mastering marketing sizing 👇🧵
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Curating a list of Funds of Funds for Emerging Managers:
Cendana (
@gpingree
)
Sapphire (
@Beezer232
)
Bain (
@sasmith4
)
Foundry (
@jfreester
)
Ahoy (
@cdouvos
)
Greenspring
Top Tier
Accolade
Invesco
Who else should be included???
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Invested in six companies in July!
Who said VCs do nothing in the summer? 😎
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We turned 150 of our favorite friends into Magic the Gathering cards 🪄
See them all below 👇
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Struggling with seeds that just won’t grow?
Spacecadet + HBO's Silicon Valley bring you…
VC CHIA PETS :: SEED SERIES 🌱🎉
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When I was raising for my 1st startup in 2014,
@BainCapVC
was one of the 1st big US VCs we met.
Being a 🇨🇦 co. & only have 🇨🇦 investors, meeting with a stellar US fund felt like a whole new world opened.
They passed then. But 7 years later, they just joined as our newest LP!!
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SPEED in VC (and life) is such a competitive advantage.
Winning is often just moving faster than anyone else...
A surprising amount of people are default slow. Sense of urgency when something matters is a superpower.
🐇💨
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🤖 Calling all robotics founders & builders 🦾
@Spacecadet
+
@BoostVC
are hosting a Robotics Pitch Day on May 16th to help support the next generation of roboticists!
💰 $50K uncapped SAFE for the winner!
🧑⚖️
@helengreiner
@ericlitman
@GusDomel
@WizLikeWizard
Apply below 👇
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Anyone looking for a ~Fractional CTO?
Very seasoned Co-Founder & CTO looking for part-time/contract work -- 10-20 hours per week.
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Investors spend ONLY 3 MINS on average reviewing a pitch deck...⏱️
That means you have a handful of seconds for each slide to make a lasting impact.
Here are the essential slides every founder needs to nail 👇🧵
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🏅 Top 5 Funds on Twitter, according to
@getnotus
:
1.
@a16z
2.
@sevensevensix
3.
@ycombinator
4.
@BessemerVP
5.
@Spacecadet
😏
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Amazing Q1
@spacecadet
🥳
We invested ~$2MM into these incredible 10 companies:
👟
@withotis
🦜
@JoinToucan
👩🎨
@wearestagger
🍷
@SurelyWines
📝
@contentflyco
🚒
@FionCo
🖼
@facet_ai
🦾
@onofoodco
💳
@tryramp
👻 Stealth
Thrilled to be part of their journey! 🥰
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Call it old school/biased/plain stupid/or whatever you want BUT warm intros are still the gold standard in fundraising...
Even with a strong story and deck, weak intros will likely kill your fundraise.
VCs see 100s of pitches per month. You need to cut through the noise!
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On May 21st,
@daniel_eckler
called me very excited with a product idea that we thought would only take 4 weeks...
*4 months* later 😅, we’re finally launching it today!
Building always takes wayyyyyyy longer than you expect.
Check it out 👇
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🚀5x🚀OVERSUBSCRIBED🚀 IN 3 HOURS 🚀 CLOSING NOW 🚀 LIGHTSPEED SCOUT LEADING 🚀🦄🦄🦄🦄🦄
iykyk
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While studying, I talked to a ton of smart people to help get perspective. 99% of them said an MBA was a waste of time & that I should spend the two years and all that $$$ investing in myself instead.
So, I quit.
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We're only 64% deployed but our Spacecadets have already raised ~$208M in follow-on capital! 👨🚀🚀
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Dear Deeply Technical Founders,
#1
mistake technical founders make is focusing too much on the tech, and not enough on the business.
Startups are in the business of revenue 📈
And VCs are in the business of exits 🤑
SHOW ME THE MONEY!!! Here's how 🧵👇
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Pitch decks MAKE or BREAK 99% of startups.
But founders still struggle to create compelling decks.
Spacecadet’s Story Sprint helps you draft, develop, and design an amazing deck in one day! ✨
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New episode of Succession tonight!
Here's Succession if Wes Anderson made it 😅
1. Logan Roy
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Having 180 LPs is all fun and games until you have to do a capital call.
Herding cats 🐈🐈🐈🐈🐈🐈🐈🐈🐈🐈🐈🐈🐈
(If you're seeing this, plz wire your money 😜)
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… you get all these kids that have spent four years learning about business but they've never actually been involved in a business..."
I was also reminded that 99% of successful people I know don’t have an MBA.
Proof 👇
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