“We invested last year in Anthropic in second half of 2025, really in that September round with our initial valuation starting at $170 billion.”
♫
Said on The Master Investor Podcast with Wilfred Frost
“The innovation of the tranche financing was the notion that I can get money at a lower valuation to get just money at higher valuation, then bring in investors who actually build the company.”
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: Is Seed Investing Dead Without a $1BN Fund? | Does Ownership and Price Matter When Companies Can Be $1TRN Exits | Are AI Revenue Numbers Real and What to Watch Out For with Venky Ganesan, Menlo Ventures
Play from 15:28
15:28
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What was described
Use multi-tranche financing: raise an initial tranche at a lower valuation, then a second tranche at a higher valuation, bringing in value-adding investors first
Said nearby on the same subject
“I was open to that… they lowered the overall valuation… we dropped the requirement to roll some of this back into the New Deal.”
JF
Jim Fitzgerald
Built to Sell Radio ·
“If the decision maker is a non-finance person, then they need to bring on the FP&A and accounting teams to fast raise all their problems”
PK
Purity Kabaki
FP&A Today ·
“We raised $50 million on a $750 valuation… we are going to invest heavily in AI… design cycles go down from 12 months to 12 weeks to 12 hours”
♫
Said on TBPN
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