Announcing TnT Ventures
TL;DR — Matt and I are launching a new fund focused primarily on early-stage B2B SaaS companies.
Long Version:
People have often asked me over the last few years why I prefer to invest via AngelList syndicates rather than a dedicated fund, and the answer has been fairly simple, managing a fund typically requires a heck of a lot of upfront fundraising for the economics to make sense, and secondly I didn’t feel like having a dedicated fund would allow me to do enough things better that it was worth it.
2020 has brought a couple developments that have changed this calculus for me. Most importantly, my longtime friend Matt Tillman left his CEO role at Haven after building a great business and turning over day-to-day management to a phenomenal team. Phenomenal free agents don’t come available every day.
Matt and I have been looking for something to work on together for years, and as we discussed what was next for him, he proposed investing together, which made a lot of sense. We have complimentary approaches to business and investing, distinct skill sets, and a shared set of values both personally and professionally. He’s a swell guy, you should say 👋🏻.
In addition to finding someone worth working closely with, there was an interesting structural development in venture this year with AngelList launching Rolling Funds. This structure allowed us to launch a fund in an agile fashion, collecting LPs together to fund a few investments a quarter, and scaling up as we go.
What that means practically is that we’ll be doing the same stuff we were doing before independently, but will be able to write a wider range of check sizes and move a little bit more quickly than either of us could previously.
Sector-wise, we’re broadly focused on b2b SaaS with an emphasis on companies that can or are targeting the enterprise. Stage-wise we’d always prefer to be the first check into the company, but will be open to working with companies as late as Series A. We like high margins, good unit economics, and reoccurring revenue.
We’ll be writing more over the coming months on sectors and models we think make sense as we try to connect better with founders and investors working in these areas.
Founders can find information on how to get in touch with us on our shiny new website.
