Carlos J.

We're excited to participate in the $26.5mn Seed round of Inversion led by Dragonfly alongside Faction VC, VanEck, Mirana Ventures, ParaFi Capital, Metalayer Ventures, Volt Capital, HashKey Capital, Race Capital, Portal Ventures, Moonrock Capital, Breed, Topology Ventures, Bodhi Ventures, Lvna Capital, Escape Velocity (EV3), Folius Ventures and leading angels Inversion is pioneering a unique private equity-style model to make blockchain technology "invisible" to the end user. The company's strategy focuses on acquiring traditional, low-margin businesses and integrating blockchain solutions to enhance their efficiency, speed, and cost-effectiveness. This innovative approach aims to de-risk institutional investment in the crypto space by offering a familiar private equity product with a clear "margin of safety." The newly secured capital will be used to establish Inversion Capital, a separate fund of at least $500 million, which will finance future acquisitions. Inversion has initially targeted South American telecommunications companies and has submitted several acquisition bids, as blockchain could allow these companies to lower their data purchasing costs, among other improvements. The company's plans to target both private and public companies with large user bases, particularly in sectors such as payroll services, supply chain management, and consumer financial services. The company's first acquisition is expected to take place within the next year, paving the way for a new era of mainstream crypto integration. More here: WSJ: https://lnkd.in/dDWvKm-s Ventureburn: https://lnkd.in/dQ9efYfh

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2009: The financial crisis had crushed fundraising. Barely any new capital went into venture funds. Yet the vintages from those years went on to deliver some of the strongest returns in history. Fast forward to today (2024/2025): Venture capital fundraising is at its lowest point in more than a decade. What does that mean? - ⁠Less money will be available to startups over the next years - The bar for raising capital goes up again: quality matters - ⁠Entry valuations will reset to saner levels --> Funds raised now are likely to outperform, just as history shows The paradox of venture: the best time to commit capital is exactly when most people hesitate. Investors (Limited Partners) should lean in now, not when the next boom makes it easy.

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YC S25 Demo Day recap: 4 checks, a $9M ARR surprise, and why hardtech is back 🔽 - YC made smart operational tweaks (faster check-in, silent headsets) that actually improved founder–investor collisions. - The room mixed YC regulars with a growing cohort of “we don’t do YC… except we kind of have to now” funds. - Hot rounds were closed or oversubscribed before the first pitch; if you need 3 meetings, you’re out. - The 1-minute pitch is a spark, not the sale. The real work happens in the long breaks, DMs, and handshake emails. - We wrote 4 checks this batch, including one company at $9M+ ARR and multiple bets in defense/hardtech. - My filter hasn’t changed: traction > taste. I’ll pass on shiny devtools with no acquisition engine. - Post-Demo Day: keep the YC pace; we stay close, help with GTM, and build a founder community that compounds. Read the full post here: https://lnkd.in/eTPuTcZb

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VC math is hard to wrap your head around sometimes. Take a $1B fund. Let’s say: • $900M is written off to zero. • One $100M check hits and returns $3B. The math: $3B – $1B = $2B profit → a 3x fund. That’s considered very successful in venture. LPs get 3x their money back, and the GPs earn hundreds of millions in carry. It shows the paradox of venture capital: it’s not about batting average. You can be “wrong” 90% of the time and still be a top-performing fund. What matters is magnitude. A single extraordinary win outweighs every loss. That’s why VCs swing for the fences, because one unicorn can carry the entire portfolio.

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The Startup-ization of Venture Capital: How VC Firms Are Becoming Venture-Scale Companies. The next generation of VC firms won’t operate like financial boutiques. They will act, and scale, like Fintech startups. Regulators are starting to recognize this transformation. Henry Ward CEO Carta recently shared the legislative advances (DEAL Act and ICAN Act), which enable easier investment into secondaries, greater flexibility in backing other funds, and raising caps on fund size and number of investors. These reforms could unlock more capital for emerging managers, especially those building next-gen, startup-like VC firms in overlooked markets. It’s a signal that the ecosystem is not only evolving—it’s being institutionally validated. This new whitepaper explores the radical transformation underway: VC firms are becoming venture-scale companies—raising equity rounds for the firm itself, hiring engineers and PMs, building internal platforms, and operating like full-stack fintech startups. Covered in the paper: 1. Why The Traditional VC Model Has Hit Its Limits 2. The New VC Firm: From Partnership to Startup 3. Precursor Models That Paved the Way 4. The VC Tech Stack: Infrastructure Is the Strategy 5. VC Firms as Multi-Sided Platforms 6. The People Side: Culture, Teams & Incentives 7. GP Equity as a High-Growth Asset 8. VC as a Venture-Backable Category 9. Conclusion: Don’t Raise a Fund, Build a Company If you’re building a next-gen VC firm—or trying to understand where the industry is going—this one’s for you. Read the full 15-page white paper here: https://lnkd.in/gBycPkvN

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Firstly, this isn't a post about Europe vs US. They're different beasts at different stages of development… However, as a European VC, it's critical to be connected to the US VC market. If you are, on average, you'll get bigger markups for your portfolio by taking advantage of the UK/US arbitrage among other things. Two examples of this are Lawhive and StackOne from our portfolio. Both have founders who've moved to the US and both have raised from GV (Google Ventures) with deep US ties of course. Same with companies like Mimica (Khosla Ventures), Carwow (Bessemer Venture Partners, Accel) and many more. You need to be able to pick the phone up to tier 1 US VCs and get them to meet your portfolio. So when Adam Shuaib, PhD, Millan Suri and I went to SF a few weeks back, we tried to cover as much ground as we could, meeting about 40 of the tier 1 US funds like Founders Fund, Greenoaks, Sequoia Capital, Thrive Capital, Andreessen Horowitz…. It takes time to build this network but the rewards are great. As you can see, we also went surfing.

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