Sublime

Forerunner Ventures’ Kirsten Green , Into the Gloss co-founder Nick Axelrod (now at UTA Ventures), or Emily’s former assistant, Morgan Von Steen

More firms are incubating companies as early-stage valuations rise. A few successes: • Snowflake ($49B mrkt cap) by Sutter Hill Ventures • Affirm ($6B mrkt cap) by HVF Labs • Hims & Hers ($1.3B mrkt cap) by Atomic Our latest Signature Block essay is on venture studios...

The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the compani... See more