Failure to Execute vs Failure to Raise

14 for 14. Homebrew’s first fund (2013–2015) has 20 core investments of which 14 went market for a Series A. All 14 successfully completed this fundraise. The six who didn’t go out for a Series A either (a) shutdown/acquihired prior to this milestone [founder disagreement; lack of product traction], (b) exited due to an early M&A opportunity or © in one case, is currently an ongoing concern that hasn’t needed to raise additional capital.

I was thinking about this stat last month while preparing a slide deck for our annual LP meeting. As an industry we often say a…