Intro

This chapter examines the trend of founders bypassing seed funding to secure Series A investments, highlighting the impact on dilution and ownership. The discussion also covers key qualities investors look for in founders, such as resilience and growth potential, regardless of product development.

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Episode notes

Anamitra Banerji is the Co-founder of Afore Capital, an SF-based VC firm that specializes in investing in pre-seed stage companies.

Our conversation gets into the evolution of Pre-Seed as a category, why Pre-Seed is more than option checks, what Afore looks for when backing founders before they even have a product, how to skip your Seed and go straight to a Series A, and how to run a fundraise process.

We also get into Afore’s Founder in Residence program, why every VC started an accelerator, how AI is changing venture, joining Twitter as the first PM, and how Oprah helped create the legendary verified checkmark.

Thanks to Gaurav Jain and Derrick Li at Afore for their help brainstorming topics for Anamitra.

And special thanks to Bolt and Warp for supporting this episode.

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Timestamps:

(4:00) Afore: Starting in 2016 to build the pre-seed category

(8:11) The unstructured data Afore underwrites at pre-seed

(11:21) Pre-seed is determining bronze from gold

(16:03) Why pre-seed is more than option checks

(20:33) The secret to raising a Series A

(23:20) Running a tight fundraise process

(32:05) Skipping your Seed round

(34:01) How to measure obsession in a founder

(39:20) Knowing when to follow-on

(40:54) Figuring out what really matters in a business

(42:36) Afore’s Founder in Residence program