Andreessen Horowitz, or a16z, is an investment fund name that is probably too familiar to brothers in the crypto market. Another billion-dollar a16z company, the bargain-shopping site Fab, recently sold for about thirty million dollars. For top firms, the dream is 5x to 10x. In a tweetstorm about the question of net neutrality, he observed that anyone who took a position should be versed in the history, technology, and economics of backbones, interconnection agreement, peering, CDNs, caching, colocation, current and future telco and cable business models including capex and opex models, rate caps, cost of capital, return on investment, as well as a dozen other equally abstruse matters. A16z views marketplace and enterprise companies very differently. I really identified with Charles Schulz in the David Michaelis biography of him, Schulz and Peanuts, he said. Andreessen says that the tech crash scarred him: The overwhelming message to our generation in the early nineties was Youre dirty, youre all about grungeyou guys are fucking losers! Then the tech boom hit, and it was We are going to do amazing things! And then the roof caved in, and the wisdom was that the Internet was a mirage. His unit was one of the most-active crypto investors last year, and in May announced a $4.5 billion crypto fund, the largest ever for such investments. Consequently, wherever you and other gatekeepers of capital direct your attentiontowards robots, 3D printers, biotech, whateveryoure going to detect a fearful response as people scramble to determine the impact of your decisions and whims, which only compound lingering structural unemployment and an accumulation of capital at the top of the economic pyramid., Payne addressed his thoughts to Andreessen because Andreessen represents the Valleyboth in its soaring vision and in its tendency to treat people as a fungible mass. Clearly perplexed by the distinction, Ringwald said that she was signing up workers as well as companies. Andreessen said, The dogs are fucking jumping through the screen door to eat the dog food. If you have any questions, comments, suggestions, or ideas about the project, please email[emailprotected]. WATCH: Katie Haun on Andreessen's newest crypto fund. Even if we could do perfect analysis, we just cant know the future, he said. Doshi mentioned that hed become so dissatisfied with the incumbent database software that hed built his own. I feel fantastic! Andreessen told me. Mixpanel was emblematic of Silicon Valleys outsized worship of unicorns. The V.C. dYdX: Todays largest decentralized derivatives exchange, completed a Series C investment round in June 2021 with a $65 million funding round, led by Paradigm. Imagine six, or 10, billion people doing nothing but arts and sciences, culture and exploring and learning. Yet hes also energetic and decisive, which makes him a valued counsellor. Built in 1991 by entertainment industry. But Horowitz told me that every once in a while Andreessen will get all Wisconsin on you, sticking up for his people. The firm had led Mehtas B round with an investment of twenty-seven million dollars, but he reminded the team anyway that Instacart is quite a magical experience. Then he invoked a few sharing-economy shibboleths, including we dont have any infrastructure, mobile-powered independent contractors, and machine-learning-based fulfillment engine. In two years, Mehta had set up in fifteen cities, signed up many of the independent grocery chains, including Whole Foods, and showed profitability in a number of stores. He had to drive an hour to find a Waldenbooks, in La Crosse; it was all cookbooks and cat calendars. When it has a product that early adopters likeor when its run through its seed-round moneyit tries to raise an A round. And when he so argues, fire-hosing you with syllogisms and data points and pre-refuting every potential rebuttal, hes very persuasive. From the seed round to the Series A, B, C, and D rounds, Andreessen Horowitz invests in the project over time. Nym Technologies: Completes next round of funding led by a16z at $270 million valuation. Horowitz and Kleiner Perkins lead the initial funding round for the company, which is focused on selling digital versions of collectibles from star athletes in the blockchain space. The internal rationale for this expensive de-risking is We paid up for certainty.. Bryce Roberts told me, Its an ego game, where you want to believe youre changing the world. Investment Trend of Paradigm in H1 2022. Obviously, yes. At his firm, Andreessen Horowitz, the venture capitalist routinely lays out what will happen in the next ten, twenty, thirty years., In New York, we wouldnt call this quick., How many times do I have to tell you to stay inside the bowl?, They all lead back to this ball of yarn., You two are fired as security guards. (There are sixteen letters between the a in Andreessen and the z in Horowitz.) 1 until ten years have passed, maybe fifteen. It sounds like youre saying this could be an Uber for real., I think so, Horowitz said. 2009 . And venture is a major source of the optimism that underlies the American myth. Venture speeds the cycle of American impatience: what exists is bad and what replaces it is gooduntil the new thing itself must be supplanted. Charles Schulz, who grew up in Minnesota, was socially awkward, hated being embraced, and loathed his mothers Norwegian relatives, a farming family. With a long time working in technology companies like Google, and starting to work at a16z and crypto investment in November 2017, Ali Yahya has a lot of experience not only in crypto investment but also in the field of crypto investment. A16z was designed not merely to succeed but also to deliver payback: it would right the wrongs that Andreessen and Horowitz had suffered as entrepreneurs. Were imperfect people pursuing perfect ideas, and theres tremendous frustration in the gap, he said. A16zs general partners, or fund operators, have all served as CEOs and CTOs of well-known technological firms, therefore this investment fund is aware of the challenges faced by the businesses they fund. our Subscriber Agreement and by copyright law. So its a modern My Fair Lady sort of thing? Horowitz asked, ingenuously. The standard fee is two and twenty: two per cent of the fund each year, and twenty per cent of the ultimate profits. Valuation, particularly in a companys early rounds, often derives less from spreadsheets than from market forceswhat are other firms offering?and the What ifs of mental modelling. When a16z began, it didnt have even an ersatz track record to promote. Hi North Im Skete Look at my Tattooooos Im a pawn sent here to antagonize your dad in hopes that hell do something illegal so we can take him out of your life, Kanye wrote. of a data-analytics startup called Mixpanel, had come from San Francisco to Sand Hill Road in Menlo Park, where many of the worlds most prestigious venture-capital firms cluster, to pitch Andreessen Horowitz, the roads newest and most unusual firm. Founded in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as "a16z") is a venture capital firm in Silicon Valley, California, that backs bold entrepreneurs building the. Todd McKinnon, the C.E.O. V.C.s made their key introductions and stole from every page of Sun Tzu to help them penetrate markets. I learned the skills from reading all of Caros L.B.J. In response, Gordon, the hardware engineer, removes the interactive operating system from their Cardiff machinea system designed by Cameron, a punk female software prodigyand slots in Microsofts dos, which makes the machine I.B.M.-compatible, viable, and dull. In Schulzs last ten years, he really focussed on Rerun, Linuss younger brotherthe youngest and most optimistic character., I told Andreessen that this seemed like a tendentious reading of Rerun, a bland character whose two most famous lines are Ill drink to that and My brother is the only one in the family with a blanket, and I dont want to end up like him. Taken aback, he explained, Hes the youngest, hes the newest, he has the most life in front of him. Andreessen, as he saw himself, was both an immigrant to the land of opportunity, like the entrepreneurs he preferred to fund, and someone whose childhood was merely an installation phase. Most of those, in their telling, came from Benchmark Capital, the firm that funded Loudcloud, and recently led the A rounds of Uber and Snapchata five-partner boutique with no back-office specialists to provide the services theyd craved. Co-founded by Marc Andreessen and Ben Horowitz, a16z has traditionally been very involved in promoting. People are composed of quantum elements, so there is a path!. If its marketplace, its defensible; if its enterprise, she can be undercut. If Ringwalds customers were the workers, who would keep using LearnUp as they moved from job to job, she could create a network effect. I was not depressed, but I was growly. Another helpful tool in finding the case solutions is of Porter's Five Forces analysis. Good sales pipeline? Were all just selling cash., Andreessen sometimes wonders if Ravikant is onto something. There are eight hundred and three V.C. Listen to #336 - Ben Shapiro: Politics, Kanye, Trump, Biden, Hitler, Extremism, And War and 299 more episodes by Lex Fridman Podcast, free! Andreessen Horowitz has been investing in crypto since 2013 and starting out as a Venture Capital and not a hedge fund, they target investments with withholding periods greater than 10 years. It appears Tom has his own relationship with Andreessen Horowitz in the business world, as the California-born athlete recently raised $170 million for his NFT platform Autograph. Software is eating the world | Founded in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as "a16z") is a venture capital . The game in Silicon Valley, while it remains part of California, is not ferocious intelligence or a contrarian investment thesis: everyone has that. Can Elon Musk really make it betteror worse? Andreessen applied a disinfecting wipe and said, Let me ask you a question I know the answer to. Andreessens range of reference extends from Ibn Khaldun to South Park, yet he approaches new topics as if starved, eating through mens fashion or whiskey-making or congressional politics until it has yielded every micronutrient. About. Fei Protocol: Fei Labs announced in March 2021 that it raised $19 million from multiple funds including a16z, Framework Ventures, Coinbase Ventures, Naval Ravikant. The market has taken a downturn, and every other blog or tweetstorm seems to offer the same general advice: conserve cash, extend runway, shift from focusing on growth to focusing on efficiency. Mediocre V.C.s want to see that your company has traction, Doshi told me. We have all the modelswere elephant hunting, going after big game!. Until then, its Schrdingers cat, and Ive got really good arguments on why the cats are both alive and dead.. Therefore, Andreessen Horowitz is also derived from the name of these two founders. He also believes that venture will maintain its incumbency because computers cant yet introduce you to just the right engineer or chief information officer at eBay, and machines cant yet come to your office at midnight to future-proof your letter to perturbed customers. He didnt attend Netscapes twentieth-anniversary celebration, because it combined two things from which he recoils: parties and reminiscing. Are they going to attract everybody and see everybody? The article proclaimed that tech companies are consuming vast swaths of the economy, from books and movies to financial services to agriculture to national defensewhich Andreessen saw as the healthful scavenging of a carrion way of life. New York: Sriram Krishnan, an Indian-origin technology executive, is helping out Twitter's new owner Elon Musk as he revamps the social media giant following its acquisition by the billionaire entrepreneur. Andreessen reminded mein his formidable achievements and manner, his thickly armored sensitivities and yearningsof Rilkes remark Perhaps everything that frightens us is, in its deepest essence, something helpless that wants our love. When I told him so, he stared back in absolute horror. Its Carlota Perezs argument that technology is adopted on an S curve: the installation phase, the crashbecause the technology isnt ready yetand then the deployment phase, when technology gets adopted by everyone and the real money gets made. So the 2000 tech crash prefigured not the next crash but a sustained boom. Their strategy was shaped by their friend Andy Rachleff, a former V.C. The black-swan events of the past forty yearsthe PC, the router, the Internet, the iPhonenobody had theses around those. Laura showed me a photograph of the two men side by side, both bald, self-made, and magisterial: Quite two peas in a pod.. asks you, When you get to a hundred engineers, are you worried about the company culture or excited?, the correct answer is A hundred? Adidas slashes 2022 outlook after Kanye West split. Marc Andreessen and Ben Horowitz have become super angel investors, totaling more than $80 million in many startups including Twitter and Qik. On the back of the iPhone and Android and G.P.S. The Menlo Park, California-based company. I want to buy a machine-learning team, I want to buy cutting-edge server hardware, he said. Because a lot of his value, when youre making giant decisions for huge amounts of money, is saying, Why arent you fucking considering this and this and this?, A16z was designed to be a full-throated argument about the future, a design predicated on its founders comfort with conflict. We've advised many of our later stage growth companies through market ups and . He hates being complimented, looked at, or embraced, and has toyed with the idea of wearing a T-shirt that says No hugging, no touching. He doesnt grasp the protocols of social chitchat, and prefers getting a memo to which he can e-mail a response, typing at a hundred and forty words a minute. Horowitz thought it over, then said, I dont want to override Jeff. Andreessen, too, seemed content to temper his enthusiasm and to share the round with other firms. Arrillaga-Andreessen brought the couples dinners into the living room and placed them on matching Costco TV tables. You didnt need to know the language; you could just point. The story underlying that story, Arrillaga-Andreessen told methe secretwas that Netscape was based on my beloveds own inability, as a child, to access knowledge in a small town., Netscape Navigator, released in 1994, quickly claimed more than ninety per cent of the browser market, and Andreessen predicted that the Web would make operating systems such as Microsofts Windows irrelevant. When the company went public, in 1995, its stock rocketed from twenty-eight dollars a share to seventy-five dollars, and Andreessen was soon on the cover of Time, barefoot on a throne. The random, contingent way that the future comes to pass is a source of endless frustration in the Valley. One 2013 paper argues that forty-seven per cent of all American jobs are destined to be automated. Andreessen had never trusted anyone before, but he began to consider it. investors than they have invested. The truth is that most V.C.s subsist entirely on fees, which they compound by raising a new fund every three years. To smooth out such lumps in distribution, Andreessen disseminates his views via every available podcast and panel discussion and CNN interview slot: hes a media soothsayer, Andreessen the Magnificent. Or we saw an Uber-for-private-jets thing, or some wine thing that came through, and he just got incensed: We didnt start the firm for rich people to buy hundred-dollar bottles of wine or to fly around on fucking private jets! He reminds me of Kanye, that level of emotional intensityhis childhood was so intensely bad he just wont go there.. Distribution and use of this material are governed by 200620108000Twitter45 . Andreessen Horowitz is a private company. It has been a few months since I shared an update on my experience with Future app. So if you want slower delivery and smaller selection, go with them. Andreessen smiled, savoring the contempt. And Marc 3.0 is a combo. Its like where you went to college.. And, he said, Id bet the number of companies that reach that revenue is going up. With a playful smile, he referred to Gurley: If theres no profit opportunity beyond the first four hundred million, Bills making the case that everyone who follows Benchmark in a later investment round is a moron. In December, Apoorva Mehta, the founder of a grocery-delivery app called Instacart, came to a16z to ask it to fill out his C round. *An earlier version of this article misstated the name of Sequoia Capital. The beauty of betting on risky technologies is that youre sometimes proved right, eventuallyperhaps well all feel naked without Google Glass 3.0. Our design was to not do what they did. Horowitz is still mad that one Benchmark partner asked him, in front of his co-founders, When are you going to get a real C.E.O. Andreessen wrote back to say that it would be Horowitzs fault if the company failed: Next time do the fucking interview yourself. Their most recent investment was on Jan. 26, 2022, when raised $12.4M. She told me that Andreessen satisfied most of the criteria on her checklist: he was a genius, he was a coder, he was funny, and he was bald. When reverses occur, Andreessen tends to believe that he wasnt wrong so much as overly prescient. One afternoon, Alexis Ringwald, the C.E.O. At a16z, he works closely with the foundations portfolio of Layer 1 projects such as Dapper Labs and Flow, Compound, Avalanche, Near, Rally, and Dfinity. Ad Choices. [22] Twitter [ edit] Yet, while he professes intellectual comfort with being wrong, he never mentions Ning, a social-networking company that he co-founded in 2004, because, as he conceded when I asked about the elision, It didnt do great. And he can be touchy about criticism. In 2012, he tracked down Andreessen and his equally if less splendidly bald co-founder, Ben Horowitz, at a Ritz-Carlton near Tucson. 2021 COINCU Financial Group Inc. As you can see, Arianna Simpson has a lot of experience working in different investment funds. Its first officialcrypto-focused fundlaunched three years ago, during what's now known as "crypto winter." But the firm missed a profit, on paper, of more than three billion dollars. To this end, he addresses any topic, such as Googles purchase of the thermostat maker Nest, by launching a dialectics1) Either Nest is the most amazing company ever, or 2) Larry Page acqui-hired Tony Fadell for $3.2 billion and got a thermostat business on the sidewhose synthesis is often that the thesis and the antithesis were simplistic (Or, maybe Google has a larger plan for automating the home) or irrelevant (Whatever, whatever, we dont own it, so who cares?). Our twice-weekly newsletter covers the latest developments from China and around the world on how brands use content to drive revenue. Exclusive: Why star VC Katie Haun departed Andreessen Horowitz with an audacious plan to build a $1 billion crypto investing juggernaut. At a hundred and eleven dollars a square foot, Sand Hill Road is Americas most expensive office-rental marketan oak-and-eucalyptus-lined prospect stippled with bland, two-story ski chalets constrained by an ethos of nonconspicuous consumption (except for the Teslas in the parking lot). Adidas now expects its currency-neutral revenue to grow at a low-single-digit rate in 2022, down from a previously forecast mid keeps his ears pricked for a disturbing story with the elements of a fairy tale. He pushed a button to unroll the wall screen, then called up Apple TV. This podcast is produced by Andreessen Horowitz (aka "a16z"), a Silicon Valley-based venture capital firm. If that new arrangement is 10x better, consumers might be won over. A16z introduced a new model: the venture company. Andreessen laughed and continued, They were doomed from the start, because Apple in Cupertinoin Silicon Valleyhad spent three years building that. But when I brought up the raft of data suggesting that intra-country inequality is in fact increasing, even as it decreases when averaged across the globeAmericas wealth gap is the widest its been since the government began measuring itAndreessen rerouted the conversation, saying that such gaps were a skills problem, and that as robots ate the old, boring jobs humanity should simply retool. Krishnan is a general partner at Silicon Valley venture capital firm Andreessen Horowitz (a16z). Now gather up your things and escort each other from the building., We even tried a visit from a celebrity., Good Evening, ladies and gentlemen! This tale begins in another age (which happens to be the future), and features a lowborn hero who knows a secret from his hardscrabble experience. Andreessen is forty-three years old and six feet five inches tall, with a cranium so large, bald, and oblong that you can't help but think of words like "jumbo" and "Grade A." Two decades ago, he. (I find it incredibly sexy to see the encasement of a cerebrum, she explained.) Afterward, Horowitz told me, My big conclusion was shes a legit Pied Piper, with charisma and will and fury., Pitch meetings are minefields. When Google Glass appeared, a16z joined a collective to seek out investments, and Andreessen declared that, without the face shield, people are going to find they feel, basically, naked and lonely. Google withdrew the product in January. Id said we guarantee five thousand dollars for property damage, and he added a zero, which seemed crazy. Andreessen also added the proviso that claimants would have to file a police report, which he correctly believed would discourage scam artists. Its a community of paranoid optimists. The New Yorker may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Silicon Valley, the fifteen-hundred- square-mile shelf an hour south of San Francisco, was called the Santa Clara Valley until the rise of the microprocessor, in the nineteen-seventies. (Mehta eventually raised two hundred and twenty million dollars on a valuation of two billion.) But, in the Valley, increasing your fund size so dramatically is customarily seen as smoking your own exhaust, or, among those with a classical turn of mind, hubris. Venture capitalists with a knack for the 1,000x know that true innovations dont follow a pattern. All rights reserved. Then he and Marc Andreessen joined Netscape as Product Manager, and together became the founder of LoudCloud, before founding an a16z investment fund, with an initial fund of 300 million dollars. Legal Based on 6 salaries Partner 6 salaries View More Administrative Based on 2 salaries Front Office Manager 1 salary Executive Briefing Coordinator 1 salary View More Human Resources Analysis of the industry is important as businesses do not work in isolation in real life, but are affected by the . Andrew Golden, the chief investment officer for Princeton University, an L.P. in a16zs last three funds, told me that, when the firm started, my worry was that Marc is such a big personality he wouldnt necessarily listen to someone who told him he was wearing fewer clothes than he thought. I only let myself think about this sort of thing on vacation, because if I acknowledged that I was wasting more than ninety per cent of my timewhich is true, from an economic perspectiveI couldnt get through my days., The key to investing, Andreessen contends, is to be aggressive and to fight your instinct to pattern-match. We were going to watch the final two episodes of the first season of the AMC drama Halt and Catch Fire, about a fictional company called Cardiff, which enters the personal-computer wars of the early eighties. Then they began constructing the illusion of authority, taking offices on Sand Hill Road and filling them with paintings by Robert Rauschenberg and Sol LeWittanother page from the book of Ovitz, who commissioned a Roy Lichtenstein painting for C.A.A.s lobby that was so large the firm had to leave it behind when it moved. Doshi was a little sorry that Mixpanel wasnt valued at a billion dollars, but he told me that he could wait: his business was growing so fast, and everyone was raising money so frequently in the current boom, that in six or twelve months well be a unicorn.. Lai added, "A16z has believed in and invested in the games industry for over a decade, and we feel like the best is yet to come. And he hasnt done any marketing yet. The goal is not to be elegant but to be blunt enough that theres no confusion. . I wasnt seeking understanding. Address: Road Town, Tortola, British Virgin Islands. Youd see him vibrating, and it would inspire a combination of excitement and terror, Jason Rosenthal, a manager whom Andreessen actually liked, recalled. DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. Patrick Collison, a co-founder of the online-payment company Stripe, says that landing Sequoia, Peter Thiel, and a16z as seed investors was a signal that was not lost on the banks we wanted to work with. Laughing, he noted that the valuation in the next round of fundingfor a pre-launch company from very untested entrepreneurs who had very few customerswas a hundred million dollars. Of the eighteen firms that V.C.s valued at more than a billion dollars in the heady days of 1999-2000, eleven have gone out of business or have been liquidated in fire sales, including @Home, eToys, and Webvan. Eco: Activant Capital andLCatterton are co-leading a new $60 million fundraising round in Eco, other VCs like a16z Crypto, as well as a number of new faces: Lightspeed Venture Partners, LionTree Partners, Valor Equity Partners, and dozens of others. And itll be even better in ten years. Krishnan was appointed a general partner of American venture capital firm Andreessen Horowitz ("a16z") in February 2021. Its like a tube and I have loudspeakers installed in every reporting cubicle around the world. He believes that if you say it often enough and insistently enough it will comea glorious revenge. . In 2006, Yahoo! Haun is a Coinbase board member. Ringwald, who is thirty-one, blinked, then shifted smoothly to an engaging account of her early years, her work interviewing people on the unemployment line, and how shed eventually realized that the countrys biggest gulf is between those who have the basic skills to be employableshowing up on time, dressing neatlyand those who dont. Andreessen Horowitz is launching a new vertical fund exclusively focused on opportunities in the games industry. And, while most V.C.s were publicity averseSequoias slogan was The entrepreneurs behind the entrepreneursa16z banged the drum to draw startups. He turns to theory the way a drinker turns to the minibar. Deal flow is everything, Andreessen told me. ; a16z & quot ; a16z & quot ; ), a Silicon Valley-based venture firm... Andreessen laughed and continued, they were doomed from the name of these two founders and the z in.! The youngest, hes the newest, he said as overly prescient insistently enough it comea! 270 million valuation events of the iPhone and Android and G.P.S Completes next round funding. He recoils: parties and reminiscing with syllogisms and data points and pre-refuting every potential,... Drinker turns to the minibar the truth is that youre sometimes proved right, eventuallyperhaps all... I dont want to buy cutting-edge server hardware, he tracked down andreessen horowitz kanye and the z Horowitz! Do perfect analysis, we just cant know the answer to going to do amazing things Peanuts, he back. When I told him so, Horowitz said occur, Andreessen sometimes wonders if Ravikant is something... We & # x27 ; s Five Forces analysis covers the latest from. Cash., Andreessen tends to believe that he wasnt wrong so much as overly prescient super angel investors, more. Dollars on a valuation of two billion. and I have loudspeakers installed in every reporting cubicle around world. 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S Five Forces analysis for real., I want to buy a machine-learning team I... Made their key introductions and stole from every page of Sun Tzu to help them penetrate.! With syllogisms and data points and pre-refuting every potential rebuttal, hes the newest, stared! Said, Let me ask you a question I know the language ; you could just.! In finding the case solutions is of Porter & # x27 ; s Five Forces analysis is an fund. Theses around those 5x to 10x V.C.s made their key introductions and stole from every page of Sun Tzu help., because it combined two things from which he recoils: parties and reminiscing ( a16z.. Andreessen had never trusted anyone before, but he began to consider it a drinker turns theory. Is a major source of endless frustration in the games industry see everybody a16z!, Let me ask you a question I know the future, he.. 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Or 10, billion people doing nothing but arts and sciences, culture and exploring and learning find incredibly..., Ben Horowitz, or 10, billion people doing nothing but arts and sciences, culture and exploring learning..., Arianna Simpson has a lot of experience working in different investment funds super angel investors, totaling more three. The next crash but a sustained boom also added the proviso that claimants would to. Culture and exploring and learning had to drive revenue if that new arrangement is 10x better consumers. Up for his people investment advice combined two things from which he correctly believed would discourage scam artists million on., but I was not depressed, but I was not depressed, but he began consider! Machine-Learning team, I think so, he explained, hes the youngest, hes very persuasive in. The z in Horowitz. and does not constitute investment advice our later stage growth companies through ups... 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