32% of the funds, you know, $39 million in deployable capital is going to these first bets. 38% even more for follow on investments. And that's really my philosophy of early stage investments: place a lot of small bets and then have a lot of cash reserves to bet more. You might have so many companies that are doing so well that you don't have enough reserves. That's where almost all VCs wind up. We have to have to figure out how to get more money into the winners.

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