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Early Stage Done Right! What the Valley Has Been Waiting for

Fund: True Ventures

Posted by LiquidityEvent on 2007-07-23

PUBLIC:

True's model is just what the Valley has been waiting for. If you're looking to get started by partnering with a bunch of experienced guys who understand that you don't necessarily want to take a bazillion dollars in your A-round, True is the way to go. When we were trolling around for our A, we had lots of firms competing to give us $$$ but the reality is that the more "established" VCs really just wanted to give us way more money than what we needed to get off the ground and get running. Yes, it's always prudent to take in somewhat more than you think you'll need, since you invariably will underestimate what it takes to do it right, but at the same time, there's also a limit to what you should raise in the A if you believe in what you're doing and also don't want to overly dilute yourself from the get-go.

True was also a breath of fresh air in an otherwise very stodgy, ego-driven industry. Since they were a new fund when we were getting to know them, we did a fair amount of reseach before closing our deal. End of the day the diligence we heard has been spot-on with what we've fond over the last year. These guys have great track records for themselves from the various firms they were partners in previously, but they appear to have left the pomp-and-circumstance behind in order to build a model that's focused on more effectively partnering with their entrepreneurs.

For us, we've been equally impressed with True even since closing our A. Jon Callaghan is the partner I've known the longest and who joined our Board, and what I've appreciated with him is that he's got that rare VC ability to be a thoughtful board member and mentor/advisor without falling over the line to be overbearing or in-your-way every day. More broadly, these guys are zealously supportive of their entrepreneurs while also being good Board members too. Seems like they've also got a great rolodex too, especially when it comes time to close your B.

More to come in a future post but suffice to say, in a Valley that's looking increasingly bloated and lemming-like, True's niche is an exceptional standout.

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