This Week in Startups Packy McCormick’s Not Boring parlay: Angel S6 E3 + Producer Rachel visits Miami Hack Week | E1372
Jan 29, 2022
Packy McCormick, author of the illuminating newsletter Not Boring and founder of the Not Boring Fund, joins the conversation to share his journey of raising funds from readers. He dives into the nuances of the fundraising landscape, discussing regulatory hurdles and innovative investment strategies. Packy reveals where his initial $10M went, highlighting breakout startups and the impact of early-stage IRR. The conversation also explores Miami Hack Week, showcasing the creativity and collaboration of tech enthusiasts.
AI Snips
Chapters
Transcript
Episode notes
Startup Failure
- Packy McCormick's previous startup raised $120 million but sold for only $3 million.
- This experience taught him the difficulty of predicting success and the importance of humility in venture capital.
Fund I and Early Wins
- Packy McCormick raised his first fund, Not Boring Fund I, in April 2021 after doing 25 SPVs.
- Early wins include MainStreet, OnDeck, Composer, Ramp, Stitch, SoundXYZ, and BrainTrust.
506c Fundraising
- Consider using the 506c designation to raise funds publicly from accredited investors.
- Be aware of the 250 accredited investor limit and the $10 million cap.