Craft recently led the $7.5mm Series A for Northspyre, a cloud-based intelligence platform for real estate owners, developers and project management firms. This is another exciting SaaS investment for us and I’ll be joining the Board.
A once-in-a-generation stock market crash ushers in a period of economic turbulence and angst for founders — especially those who need to raise capital. That happened last month with COVID-19, but it also happened 20 years ago with the bursting of the dot-com bubble. For founders who didn’t experience the dot-com crash first-hand, it may be hard to imagine a reset even more severe than the current one. But the dot-com crash wiped out over 90% of the market caps of even the best internet companies and chilled tech investing for two years.
Despite that, many great companies emerged from the dot-com crash. Google, PayPal, and Salesforce all started shortly before the dot-com bubble burst, and not only survived but flourished through the 24 month dark period. Similarly, Square, Uber, and Whatsapp all started just a few months after the beginning of the Great Recession of 2008–2009. These companies all had great product-market fit, but also had the persistence and frugality to successfully navigate a downturn. They show that there’s never a bad time to start a company. …