Smash Notes
How Did Coinbase Carry Initialized Fund One?
Initialized Fund One was a $7 million fund that returned more than 55x DPI. Most of that return came from Coinbase and Instacart.
The fund backed a hundred companies. The DPI on 98 of them added up to about 1x. Instacart was another 1x, and the fund could not take any pro rata because Sequoia did. On Coinbase, the fund took the pro rata in multiple rounds and ended up turning the fund 53x.
The power law is astonishing and unbelievable. Reading about a return like that and hearing about it still leaves it hard to believe until one company does nearly all the work.
The Peel with Turner Novak
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Garry Tan on the Past, Present, and Future of YC
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at 37:26
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On this episode
- How Did a Summer Internship Experiment Grow Y Combinator? Transcript
- Why Did Garry Tan Call Going Direct the Counterbalance After Reporters Refused to Publish a Proposition? Transcript
- How Did Airbnb Make Y Combinator Write Bigger Checks? Transcript
- How Did Office Hours Turn Garry Tan Into an Investor? Transcript
- How Did Coinbase Carry Initialized Fund One? Transcript
- What Share of Giant Startups Came From Y Combinator? Transcript
- Why Does Surviving Rejection Mark a Y Combinator Founder? Transcript
- How Many Y Combinator Applications Get Rejected? Transcript
- Why Do Two Y Combinator Years Beat Twenty in Venture? Transcript
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