After 8 amazing years investing with my brilliant colleagues, the fun, funny and genius investors at Founder Collective, and after Jyri’s two years working with the great, brilliant, soulful and amazing team at True Ventures, we — Jyri Engeström and Caterina Fake– are busting loose, breaking out, getting down and starting up our very own fund, yes indeed, it’s Yes VC.
We’re doing Pre-Seed, as it’s called these days, and Seed investing — investing in great, visionary, early stage companies. We’ll be raising up to $50 million. We’ve got some amazing LPs already and are seeking a few more. We’ll invest in about 20–30 companies over the next several years. We’ll roll in our investments in Orchid, Spell and Gaze. And we’ll be continuing to look for world-changing companies like the ones we’ve invested in in the past, like Etsy, Kickstarter, Stack Overflow, and Cloudera. We’ve made over 40 investments as angel investors and with our respective firms, but it’s just a start. The opportunities we’ve missed because of not being able to put in bigger checks, and follow on, were giving us a feeling of No.
Years ago, I gave an interview on Inc. magazine about the struggles of getting my first company off the ground, as an unknown and fledgling entrepreneur, and the amazing breakthrough we had, getting into PC Forum, and getting Esther Dyson on board as an investor. At the end of that interview I had said something that later became one of those Pinterest graphics:
“When the world says No No No No No, and you hear a Yes, go towards that Yes as hard as you can.”
I have swum in The Sea of No, which is an inevitable part of the entrepreneurial journey. Sometimes the No means “you’re on the wrong track”. Sometimes the No means: “no one wants this product or service”. Sometimes the No means: “pick something else to work on”. And sometimes the No means, “you’re just not cut out for this”. If you’re a startup that’s only heard Yes, who’s never been rejected, who raised money with no effort, who slid easily into the warm waters of infinite funding, free lunch, foosball and no discipline, you either got it just right–which almost never happens!–or it’s a cause for concern. But when The Beach of Yes appears on the horizon of The Sea of No, where you, the spent swimmer, has been struggling to stay afloat, you might just be–finally, finally, finally–on The True Path.
So. We’re excited about this. Major changes are afoot in the workings of the internet and in society and culture at large. Suppressed voices are finally being heard. We are looking at the end of cars. And though we once believed the internet was about the equitable distribution of power, we have lived through a massive consolidation of power. If people like you don’t get involved in disrupting the new power and building the future, rapacious trolls, megacorps and mercenaries will have their way with all of us.
Is the internet once again reinventing itself as a free and open place where users own their words, and voices and identities? Will we be able to live free of businesses that lure us in to harvest and sell our data? Is it safe to wade back into the water? Is now the time to enter the fray? We think so, yes.
All the things we love–humanity, community, possibility, opportunity–are once again ascendant. Let’s make the future, let’s do great things.