Early Stage Companies
We are only two people, and don’t rely on a staff of associates to review business plans. Therefore in order to evaluate, and be thoughtful about, the plans we receive, we ask that you contact us through a mutual connection that we both know and trust. That helps to ensure that we see opportunities that our friends and colleagues think are interesting, and also makes the process informal. Please feel free to look at our networks on Linkedin to see how we are already connected, or contact us through Angellist at Angel.co.
For early stage companies, we are looking for opportunities to 30x+ our money. This may sound greedy, but the success rate for start-ups is so low and optimism is often so high, that we need to overcompensate to make sure we are investing in large potential opportunities and take appropriate risk into account. That typically means that there should be a substantial addressable market opportunity to build a large sustainable company, or that with limited capital, there is a reasonable exit within 30 months. Please see Approach for more details on what we are looking for.
Although we have invested in a wide variety of companies, we are most knowledgeable about the consumer internet space. We typically do not invest in companies at an early stage that are in the following industries: biotech, cleantech, gambling, hardware, life sciences, medical devices, or sports.
Late Stage Companies
Although we have invested in many companies that don’t meet these metrics, we prefer to invest in late-stage companies that are near or at break-even, have reached $75-100 million in revenues, and are likely to have a liquidity event within the next 18 months. Here we are looking for opportunities to 3x+ our money.
Please contact us here with a name of the company, approximate size of the transaction and your contact information. We prefer to work with principals but have worked with brokers before. We can also conduct transactions through Sharespost or SecondMarket.
Industries we don’t invest in include: bio-tech, life science, or medical devices.