The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 438. The Deals That Got Away: LinkedIn, Snowflake, and Zeitview (Jiang, Schuler, Rizik)
Nov 6, 2025
Kevin Jiang of Mangusta Capital, a venture investor with a focus on AI, shares insights into his missed investment in Zeitview, a company revolutionizing drone inspections with visual AI. Barry Schuler from DFJ Growth reflects on his regrets for passing on LinkedIn and Snowflake, citing valuation concerns and early-stage hesitation. Together, they discuss the harsh realities of venture investing and the critical lessons learned from these missed opportunities.
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Passed On Visual AI For Infrastructure
- Kevin Jiang passed on Ziteview when at SoftBank because it was too early-stage for the fund.
- He remains excited about their visual AI and drone imaging for asset inspection and hopes to invest later.
Missed Bets: LinkedIn And Snowflake
- Barry Schuler described passing on LinkedIn pre-revenue because his team couldn't see a revenue signal at the time.
- He also passed on Snowflake early due to concerns about unit economics and margins.
High Multiples Hide Long-Term Risk
- Chris Rizik warned that paying extreme multiples (30x–40x revenue) creates big downside risk when markets reset.
- He observed that valuations alone don't ensure outcomes and bubbles hide long-term risk.