Double Down or Walk Away: Instacart, Unicorn Portfolios, and Southeast Asia’s Exit Problem - E602

Jeremy Au breaks down the hidden math behind venture capital: why only a few startups matter, how VCs double down or walk away, and what real exits look like. Using the case of Instacart and Southeast Asia IPOs like SEA, Grab, and GoTo, he explains what separates paper value from cash returns, and why timing is everything.

01:07 VC Fund Economics and Decision Making: Covers how venture capitalists allocate time and support across their portfolio. Highlights the paradox where top performers need little help, while struggling startups consume the most resources.

04:04 Instacart IPO Case Study: Breaks down how early and late investors in Instacart performed. Shows how investment timing, conviction, and follow-on decisions shape actual returns.

08:34 Instagram vs. Snapchat: Acquisition Decisions: Compares two founders who faced billion-dollar buyout offers. One sold early and built long-term value inside a larger company. The other kept control but faced a bumpier ride.

11:20 VC Fund Performance and Metrics: Explains how to interpret MOIC and DPI. Focuses on the gap in Southeast Asia where paper returns look strong but real liquidity is still limited.

Watch, listen or read the full insight at https://www.bravesea.com/blog/paper-vs-profit

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