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VC & Technology – AVC

Musings of a VC in NYC

Last Build Date: Mon, 18 Dec 2017 11:15:54 +0000


Playing Your Role

Sun, 17 Dec 2017 13:53:18 +0000

Investing in many different companies, with different founders, different cultures, and different missions requires the ability to adapt to each and every one. I like to think about it as playing a role in a play. Even though I am the same person, with the same fundamental beliefs, I end up playing very different roles […]

The Early Stage Slump

Sun, 03 Dec 2017 14:08:47 +0000

I tweeted out this article from Techcrunch in the middle of last week: “we believe 2012-16 was a bubble in early-stage funding” — Fred Wilson (@fredwilson) December 1, 2017 And the response from the Twittersphere was a desire to hear my views on it. The data is pretty clear. The seed and early stage […]

Location, Location, Location

Sun, 12 Nov 2017 13:42:51 +0000

Here are some “truisms” about startup investors and location that I’ve experienced and passed on over the years: Startup investors prefer to invest locally The younger the startup business, the more that is true Your lead investor/board member is more likely to be a local investor than your passive/follower investors The location preference is more […]


Thu, 09 Nov 2017 11:49:49 +0000

Our portfolio company eShares changed their name to Carta this week. Why? For a bunch of reasons, but mainly because the opportunity has gotten a lot bigger than “shares”. As founder/CEO Henry Ward points out in this post, the opportunity is to build the ownership graph: If you drill far enough into the ownership graph, through […]

Quantitative Investing in Shampoo

Wed, 08 Nov 2017 11:42:11 +0000

My partner Andy wrote a blog post on with this title today. I like the title so much that I want to feature the post on AVC today too. I have been a skeptic about data-driven venture capital investing for a long time. However, I do think CPG is a sector where this could work […]


Mon, 23 Oct 2017 10:23:00 +0000

I read Ellen Pao’s book Reset on my trip. I know a lot of the people in the book and I am not into taking sides or making judgments about what happened in the case. But I would recommend that every male VC read this book. A lot of what we do, how we do […]

Our Model

Sun, 22 Oct 2017 15:53:43 +0000

This past week our portfolio company MongoDB went public. I think that occasion presents an opportunity to talk about USV’s model. We are a small firm. We raise modest sized funds (by modern VC standards). Our first fund was $125mm, our second fund was $150mm, and we have now settled on $175mm as a good […]