CapitalX has raised more than $5M since August and is open for new LPs for 2021 Q1. Please apply on my website or AngelList.

Below is a summary of my previous portfolio breakout winners by valuations (estimated range):

Image for post
Image for post

This also helps to demonstrate why and how an annual portfolio of 20 startups with “High Hit Rate” may work very well. …


How did you start out with regards to your career?

I was quite fortunate to receive a full scholarship at Georgia Tech to study Civil Engineering but quickly fell in love with spatial data analysis and GIS (Geographic Information System) at a summer internship job so I quit the PhD program and started working full time. The company sponsored me for H1B Work Visa and Green Card and once I had my immigration status figured out (I was actually fired from my 1st job), I got a 50% raise doing software consulting at Accenture.

In the meantime, I also founded a hardware company selling hunting cameras online. I was mainly responsible for partnership, sales and marketing and also quickly built a wholesale network to expand online sales through retail. Later I sold my equity to my business partner who’s still growing it with great success in Atlanta. …


Cindy Bi uses social media and gut instinct to raise from LPs across the globe — Seif Salama / Marketing, AngelList Venture

Notable LPs include Marc Andreessen & Chris Dixon, David Sacks, Naval Ravikant, Super Angels with multiple unicorns (Michael Liou, Kal Vepuri), GPs at multi-billion funds, breakout winner portfolio founders, etc.

Born in China, Cindy Bi immigrated to the U.S. when she was 20 to study civil engineering with a full PhD scholarship at Georgia Tech. She later founded and sold a hardware business while juggling a full-time software job at Accenture.

“I’ve always worked very hard,” she said. “I love efficiency.”

When she moved to Silicon Valley in 2010, she tapped into the venture community by convincing her employer to let her invest in tech startups through an evergreen fund. Since 2019, Bi invested more than $400k of her personal capital in 10 startups and six VC funds, including Gumroad founder Sahil Lavingia’s new Rolling Fund. …


I did a quick scenario analysis of my past angel portfolio in 2016 and 2017 as if it were a rolling fund setup with annual vintages.

The conclusion looks obvious to me — Micro LPs can expect to see higher returns from rolling funds with smaller capital that’s focused on the initial checks at seed round. Check out CapitalX.vc to learn more.

Details of 2016 Vintage (6x return on paper): 1 in 5 investments has high potential of becoming a future unicorn: 5 out of 26 startups.

Image for post
Image for post

Details of 2017 Vintage (7x return on paper): 1 unicorn (Rippling $1.35B valuation), 1 almost unicorn (Retool nears $1B valuation) and 3 future unicorns out of 23 startups. …


By design — I tie my upside with GP carry.

I will reinvest 80% of my management fees back into the fund with $200,000/year minimum GP commit — this is my skin in the game.

I aim to make my LPs rich(er) who are in return encouraged to (reinvest the profit or) invest even more capital back into more startups — this makes my job a lot more meaningful.

Track record: 1 in 10 seeded startups has high potential to become a future unicorn including 3 unicorns from 2012, 2014 and 2017 seeds.

Fund Memo ← click to learn more details:

Image for post
Image for post


Linked is my AngelList Fund Page for capitalx.vc #fundraising

Fund Terms ← click to find out more about my “skin in the game”.

Top Track Record

  • I’ve seeded more than 100 startups that have raised $7B+ follow-on VC funding with combined valuations of $30B+. The $7M initial capital is worth about $50M today without active portfolio management.
  • In particular, I’ve directly invested in 11 startups on YC’s top 100. Note: YC isn’t my only deal source for CapitalX but this shows you my high hit rate.

Breakout Winners

Image for post
Image for post

Examples Of My Success Getting Into Deals

  • I shared some fun facts in this medium post to show how I’ve won over founders to invest. …


Three unicorns later

Zapier2012 Seed. Only needed to raise $1M. Profitable. Remote-only.

Cruise2014 Seed. Unicorn Exit in 2016. Valued at $19B in 2019.

Rippling2017 Seed (SPV). $1.35B valuation.

High Hit Rate

Notable Limited PartnersMarc Andreessen & Chris Dixon, David Sacks, Naval Ravikant, Super Angels with multiple unicorns (Michael Liou, Kal Vepuri), GPs at multi-billion funds, Family Offices, etc.

Image for post
Image for post

Want to invest in future “Who’s Who” startups? Linked is my fundraising deck — if you are an Accredited Investor, you may directly email me at cindy @ capitalx dot vc with a brief description about your background or attach your Linkedin / AngelList profile. …


I got inspired by Gumroad founder Sahil’s notes on his success getting into deals, so below I list some fun facts to demonstrate how I’ve won over founders to invest in their startups: from burger dinner, BBQ party, personalized & persistent messages, warm intros, matchmaking stories, “don’t get me fired” plea, lightning-fast wires, and sometimes, love letters (see Twitter DM in the end)!

Image for post
Image for post

I call it “YC version” because these examples are part of my 11 direct investments out of YC’s top 100 list. To state the obvious here, all fundraising numbers are available via public info.

  • Zapier (August 2012 seed, unicorn): the day before YC Demo Day, I took the founders out for a burger dinner* in Mountain View downtown after seeing their Hacker News post when people started comparing Zapier with Stripe “finally someone took away this pain and makes something that makes sense!”. I committed to invest on the spot and also shared how remote-first could be the future based on my observation and experience working at a remote-only company since 2010. The rest is history in the making. In my book, Zapier is 500x in valuation since then! …


I published a preliminary analysis of my startup investments via a tweet storm back in December 2019, and here is a quick summary by popular demand.

I’ve invested in more than 100 startups and 8 VC Funds since 2011, mostly via my previous fund and recently with my personal capital.

As of July 2020, I’ve written 16 personal checks within a year, including 9 pre-seeds & seeds, 5 micro funds, and 2 (partial) pro rata from my previous portfolio.

The startups have gone on to raise over $7 billion after my investments and have a total combined valuation of over $30 billion, including 3 unicorns (Cruise, Zapier and Rippling), and 10 future unicorns like Algolia, SendBird, Rippling, FlutterWave, People.ai, UpKeep, Boom Supersonic, Proxy, ShipBob, LambdaSchool, Retool, etc. …


Image for post
Image for post
The Perito Moreno Glacier in Argentinian Patagonia is one of the few unusual glaciers that maintains a state of equilibrium because it continues to accumulate mass at a rate similar to that of its loss.

Note: please check out “Startup Portfolio Highlights” via the medium post here

What’s the X, Y, Z here?

X is @CindyBiSV‘s name initial, @Ycombinator was her main deal flow when Cindy invested part time as Founding Partner at Z fund since 2011.

In the mean time, Cindy was also a full-time operator at a file API company , after her 80%-traveling consultant years at @Accenture when she also cofounded and ran a hunting-camera company on the side.

Check out @CapitalXCompany twitter bio or Cindy’s LinkedIn for a longer list of breakout winners in her portfolio.

Two Jobs At the Same Time

Since Cindy’s PhD* years at Georgia Tech when she studied full time while doing research for the professors part time, she’s always held two jobs at the same time. This tweet below summed up her 20’s after Cindy immigrated to the U.S. …

About

Cindy Bi

GP at CapitalX.vc: an enterprise focused generalist investing in 20 startups a year with $100k — $500k checks.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store