How we make decisions

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Above all, we look for compelling and contrarian insight into how the world works. What do you understand about a market or a need that no one else does — that other companies in the space get wrong? And why is your company the most likely to win at addressing this gap?

Second, if you have a product in market, a small group of passionate early customers is a strong indicator for us. Several years ago, we heard a handful of our founders raving about a new business intelligence tool called Looker. We reached out to the company and invested. If there are people using your product or service who wouldn’t know what to do without you, we want to hear about it. That’s one of the strongest data points you can offer. As an extension of this, we want to see creative thinking around go-to-market strategy as well as product. The best startups take both seriously.

Third, we take a close look at the market you’re going after. Let’s say you win the whole thing. Is the prize worth winning? The game is long and hard, and some markets are more rewarding than others. SaaS companies have a different range of opportunities than on-premise software makers. First-party retailers are valued very differently from third-party ecommerce sites. To mix our metaphors, before a founder starts building their castle, they have to make sure they’ve picked the right piece of land.

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Investment process

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Term

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