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3.8 True Ventures Has Been Awesome
Fund: True Ventures
Posted by true portfolio co on 2007-12-14
True was the lead investor in our Series A earlier in the year. My friend (and a CEO of one of their other portfolio companies) told me that he couldn't be happier with True and they were a dream to work with and added value to his business. He was spot on.
True has been an outstanding partner so far. Tony Conrad is on our board (and also the CEO of Sphere.com) and has added a ton of value and is really an extension of our team. As a CEO himself, he is able to focus on the things that really matter (and not bug us with useless meetings, spreadsheets or presentations that seem all too common in other firms). He has been there to help push our thinking and open doors (big rolodex and he whips it out for us often), but lets us run the business and trusts our instincts. Although interactions with Jon and the other True partners have been less frequent, they have always treated our management team with respect and have made some valuable introductions.
I have nothing but positive things to say, although admittedly we haven't yet faced any rough waters which is always the ultimate test of a partnership. So far, we couldn't be happier to have True in the ring with us.
PRIVATE: Members OnlyThis Firm 'Gets It'
Fund: True Ventures
Posted by drudru on 2007-07-26
Quite often, you hear talk of the new era in venture and startups. Actually, when you network enough, you hear quite a few cliches or soundbites. When you get to the table with the more established firms, though, you find that much hasn't changed. The reality is that the game has changed in many visible ways (capital needs, distribution, hiring, etc.). Most firms have not adjusted. They blame the environment or 'inexperienced angels' for the lost deal. They still have the same expectations for a deal, and will steer you down the same paths. This is really the only 'way of the world' that they know.
When we went out for financing, we knew that our needs were of the 'new era' variety. Not quite angel and not quite venture. Based on my
past experiences and the experiences of those
in my network, I was skeptical of most VC firms and willing to forego that route. Angel funding is an easier option, but there are caveats there as well. It was when we reconnected with Jon and his team that I could see that they understood the new landscape. They thought about the new problems and came up with some new
value propositions that made them stand out from the rest. Both parties hit it off and we did the deal.
Just recently, we had our one year anniversary. I can honestly say that going with True was one of the best decisions we made. They have consistently provided *tangible* support and excellent direction.
PRIVATE: Members Only (635 Characters)Early Stage Done Right! What The Valley Has Been Waiting For
Fund: True Ventures
Posted by LiquidityEvent on 2007-07-23
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.
PRIVATE: Members OnlyBest Firm For Entrepreneurs
Fund: True Ventures
Posted by tod on 2007-07-21
The TRUE Ventures team is most pro-entrepreneur venture firm that I am aware of. There business model is based on investing in companies early, often seeding the creation of new firms, and they prefer investment structures that align their interests with the entrepreneur from the beginning.
Having gone through multiple financing events side by side with their team, I can attest to their continued interest in working with (rather than against) the entrepreneur.
There is no doubt in my mind that their pro-entrepreneur philosophy is part of a grander vision. As a new firm, they believe that the best way to succeed in the venture business is build a pool of successful entrepreneurs that think the world of you -- as most good deals come from those relationships.
Additionally, I have now worked with Jon Callaghan on the board of two startups and he is smart, upfront, trustworthy and a true mentor. There are only a handful of VCs I would recommend to friend without a single comment, and he is at the top of the list.
PRIVATE: Members Only (487 Characters)