Raj Kulasingam
@rajkool03Father, husband, lawyer, traveller, speaker, immigrant, enjoyer, investor/entrepreneur in training. 500 Startups Angel of the Year. Opinions are all mine!
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Friends and family not fools... #startups #africa. Thanks @tomjackson1988 for a great article which captures @VishalsVoice and my ethos in this exciting space...
“Don’t call angels fools” - the trailblazing pair quietly building an asset class in Africa disrupt-africa.com/2021/06/03/don… @VishalsVoice @rajkool03
One lesson I learned the hard way as a founder is that most investors make-up their minds in the first couple of minutes of a pitch. You can spend endless follow up meetings trying to convince them but it’s often an uphill battle. Much easier to fill the top of the funnel with…
LPs and GPs, it’s often said that fund size determines strategy and that’s very true for portfolio construction. But, another element on fund size is what the total value of exits need to be. A simple rule is what I’ll call the Rule of 30. This assumes that a fund owns 10%…
“The best life is the one in which the creative impulses play the largest part and the possessive impulses the smallest.” — Bertrand Russell via the 5-Bullet Friday newsletter (tim.blog/fbf) from @tferriss
The #yc halo
Have had dozens of calls with YC companies. Nearly all are raising $2M on $20M valuation regardless of sector, traction, etc. Humm....
This is an unreal discrepancy. This FT journalist 👇 claims only 1,202 "new startups were founded" in China in 2023. Yet Chinese statistics show that 32.73 million new businesses were created in China in 2023 (stats.gov.cn/english/PressR…), a small 30,000 times more than her number!…
The world can be magical and unexpected…. Yup
I met @Bill_Gross on Twitter… As a long time fan of Idea Lab, I was thrilled when one day, Bill responded to one of my posts. Then he shared some deals with me - and now I’m investing into one of his companies. Yesterday, I visited Idea Lab in Pasadena and met Bill in person…
A litmus test for VC fund performance: • Have you marked up your valuations based on SAFEs? (And if so, which ones) • Have you ever marked down any of those positions? There's no bigger black box of valuation shenanigans in VC than SAFEs These charts highlight the problem—
I was going to make this into a nicely phrased point about venture debt, but I decided to just give you a screenshot of the DM I sent to a YC founder yesterday.
🏋️ I made a Deadlift ETF with only companies with CEOs that lift weights or do fight sports (not just cardio) It outperforms the S&P500 by 140% or 2.4x over the last 4 years! Lifting weights = $$$
The world's brightest minds in finance recently spoke on the worst investment advice they ever got, which included not buying Bitcoin, Facebook and non diversification
Revolut just posted 2023 financial results and they are insane 🤯 - $2.2B revenue (+95% YoY) - $428M net profit, up from $7M in 2022. - A record 12M new customers in 2023 - $22.7B in customer balances on the platform (+38% YoY) The crazy part? 70% of new retail customers…
Nigerian crypto startup, raised $23 million dollars in 2022, lost $15.9m, spent $9.1m on salaries with no product and…
“Landing The Plane” may not be the glamorous IPO BUT It signifies the ability to internalize reality, adapt to market conditions, and secure some outcome for all stakeholders. Ultimately, a successful landing paves the way for another journey in the future. 👇🏾
Landing The Plane: A Necessary Choice For Many Startups How many Founders does it take to land a plane? None, they'll just pivot to a helicopter ride-sharing service. Joking aside, there’s nothing more fun than being part of an incredibly successful Startup. The relentless…
LPs understand that more investments than normal will fail and they know that absorbing those losses will lead to lower fund performance. LPs realize that the VC asset class is cyclical and great vintages can be created.....👇🏾
The Grand Reset: VCs and LPs Are Starting To Internalize Reality The past few years in the VC space have been brutal. Darwin has returned from vacation and the frothy gold rush of the 2018-2021 startup ecosystem has vanished. The ZIRP environment caused valuations to soar and…
So @jasonlk has made $416M in net profit from his top 3 investments. Salesloft: 8% at a $25.BN acquisition: $200M Pipedrive: 10% at a $1.5BN acquisition: $150M Logikcull: 22% at a $300M acquisition: $66M Net proceeds: $416M Today we deep dive investing lessons from $416M net…
🟡 Carbon credit battle semafor.com/newsletter/05/…
“There’s some perception that AI is new to Africa. I would push back against that.” Bola Adegbulu, principal investor at AI Fund, spoke about AI’s global impact at the 2024 #Under30Africa Summit. trib.al/ZGQfxzS
Too true on due diligence...
Venture investors’ due diligence processes can be quite lengthy and time consuming, especially these days. However, the best diligence processes are not arbitrary or designed to “check the boxes”, but instead to answer fundamental questions about the business risks, scope,…
Now that @ycombinator demo day is over, I'd highly recommend reading Sam Altman’s essay on the “Post-YC Slump”. In it, he shares a few reasons why companies slow down after the insanely fast growth of YC. The key idea: they get distracted by fake work. This includes things…
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