2005
Ho Nam says Larry Morse committed to the first Altos fund in about 2003 and waited until it closed in 2005, after fundraising began in 2001.
“did not close that fund until 2005. So he waited, he honored his commitment for two years.”
Topic
Altos Ventures
10 facts from 1 episode, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2006
Altos Ventures published a blog post in 2006 about foxes and hedgehogs in Silicon Valley, inspired by Jim Collins's Good to Great.
“You know, we published this blog post in 2006, about the fox and the hedgehog in Zilliqa Valley.”
2007
The Roblox deal was referred to Altos Ventures by a lawyer at Wilson Sonsini, who later joined Roblox full-time as general counsel.
“the deal was referred to us by Mark Weinstra, who actually works for Roblox now full-time as a general counsel.”
2008
Altos Ventures negotiated its Roblox investment over the 2007 holidays, and the deal closed in February 2008.
“This is in 2007. The deal closed in February of 2008. But when we were negotiating was going to the holidays in 2007 to 2008.”
2008
Altos Ventures offered $2 million for a Series C round in Roblox, and Roblox took $1.5 million instead.
“yeah, $2 million is too much, but we'll take $1.5 million from you guys.”
Undated
Altos Ventures invested in Roblox out of a fund of about $86.5 million, and became Roblox's largest shareholder by the time of its IPO.
“It was $86.5 million fund. And you became the largest shareholder at the time of IPO.”
Undated
Altos Ventures sold 15% of its Roblox position to return cash to its investors and remained the largest shareholder afterward.
“And so we decided to sell 15% of our Roblox position.”
Undated
Altos Ventures raised a $125 million special-purpose vehicle for the Roblox round valued at $2.5 billion, and a second $125 million vehicle for the later $4 billion round.
“When we did the $2.5 billion, it was $125 million SPV, right?”
Undated
According to Ho Nam, a venture fund with more than 25% of one fund in secondary purchases triggers SEC registration as an investment advisor for the whole firm.
“if 25% of that one fund happens to be secondary, then that triggers the registration requirement for the entire platform.”
Undated
Altos Ventures raised a first Korea-only fund of $60 million, with Woowa Brothers as its first investment.
“luckily we were able to get enough convinced enough LPs to come along with us on that first $60 million Korea fund.”
Episodes