The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 327. The Late Stage Reset, Competing with Tiger, and Last Mile's Unit Economics (Steve Sarracino)
25 snips
Apr 4, 2022 AI Snips
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Episode notes
Full-Stack Commerce Investment Thesis
- Activant focuses on the full commerce stack from manufacturing to consumer experience and believes this market will grow for decades.
- The firm concentrates capital in a small number of high-conviction growth bets to generate alpha through deep sector expertise.
Deal-By-Deal Beginnings
- Steve described starting with deal-by-deal SPVs because raising a fund in his early thirties was hard.
- Those seven early investments helped prove track record and led backers to support his first fund in 2015.
Build A Concentrated Portfolio
- Concentrate portfolio construction to drive performance and allocate more to winners while taking targeted risks.
- Monitor windfall potential and balance smaller higher-risk checks with larger, more stable investments.