Rebel Venture Fund Reflections — Part 4: Thank You, Foundry Group
As I nostalgically went about my Sunday this week, I recalled a particularly fond memory:
When my team and I began preliminary due diligence on a potential portfolio company in early 2015, we noticed an impressive list angel investors who committed to the current round. I immediately noticed that the Foundry Group fellas were investors through their FG Angel’s syndicate. Considering I’m a fan of the group (and their blogs), I thought, “What the hell, I’ll send a cold email to Brad Feld and ask for his thoughts on the company.”
Being a frequent reader of feld.com, I knew a little about Brad’s emailing habits. However, I was still shocked that he replied to me on the same day. Brad quickly introduced me to his partner, Seth Levine, who was closer to the deal, and Seth graciously scheduled a phone call to assist me with my due diligence. Class.
So what, Stefan? An investor helped another investor. What’s the big deal?
Yes, that’s true, but it is also without context. Foundry Group, one of the most influential VCs, have raised hundreds of millions of dollars for multiple funds. FG Angels is simply a platform for these gentlemen to quickly invest $50,000 of their own cash in people, not ideas. For them, it’s — dare I say — immaterial (yay, audit terms).
For me? It was 5% of our committed capital, and one of the first investments of our fund. Obviously, this investment opportunity was important to me.
When these gentlemen preach #givefirst, they’re serious about it. They actually give without expecting anything specific in return. I am truly grateful for their help and respect how they live what they preach. Foundry Group has earned a “founder friendly” reputation for a reason.
Thank you, Foundry Group.
