CapitalX has raised more than $5M since August 2020. The fund may be open for new LPs again starting 2021 Q3.
Below is a summary of my previous portfolio breakout winners by valuations (estimated range), including the top 15 YC startups since my direct seed investments.
This also helps to demonstrate why and how an annual portfolio of 20 startups with “High Hit…
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.
Notable LPs include Marc Andreessen & Chris Dixon, David Sacks, Super Angels with multiple unicorns (Michael Liou, Kal Vepuri), GPs at multi-billion funds, breakout winner portfolio founders, founding/executive members at Square, Stripe, Twitter and other tech companies 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.”
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.
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:
Fund Terms ← click to find out more about my “skin in the game”.
Top Track Record
Examples Of My Success Getting Into Deals
Zapier — 2012 Seed. Profitable. Remote-only.
Cruise — 2014 Seed. Unicorn Exit in 2016. Valued $30B in 2021.
Notable Limited Partners — Marc Andreessen & Chris Dixon, David Sacks, Super Angels with multiple unicorns (Michael Liou, Kal Vepuri), GPs at multi-billion funds, Family Offices, Founding/Executive members at Square, Stripe, Twitter and other tech companies etc.
Directly subscribe on AngelList: https://angel.co/v/l/QqsPf
Linked is my fundraising deck — if you are…
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)!
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.
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.
Note: please check out “Startup Portfolio Highlights” via the medium post here
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.
Since Cindy’s PhD* years at Georgia Tech when she studied full…