The most patient man in Silicon Valley
J Thoendell stashed this in Tech
It took less than one meeting with Ravikant for Shan to see in AngelList what Milner saw with Y-Combinator back in 2011. And for Ravikant, it was going to solve one of the biggest problems a subset of his best syndicates faced: Knowing how much they could commit the moment they decided to do a deal, not days later when their star power finally pulled in enough names.
Done and done!
Only Shan wasn’t done. Not even close. He wasn’t even done with his sentence.
“...For the next ten years.”
You don’t have to be a VC to do the math. Someone had just offered in one meeting-- make that half a meeting-- to create possibly the world’s first $1 billion seed fund, existing entirely for the purpose of backing AngelList syndicates. A unicorn-sized force of funding within a single startup, if you will. That would be the very definition of a good problem to have.
Ravikant’s response: Something almost no one in the Valley seems to be able to do right now, but something in keeping with every move he’s made since the beginning of AngelList. He turned it down.
“That’s too much. You’d destroy the entire market and put prices up 20% overnight,” he said.
They settled on $400 million and, today, the two are announcing the release of CSC Upshot on AngelList. At the decreased amount, it’s still one of the world’s largest seed funds and a juggernaut of capital injected into AngelList. And it takes syndicates – pop-up venture funds marshalled by well-known tech figures that have funded some 650 startups in two years – to a whole new level.