Michal Csonga

🔥 A DeFi protocol with ~11 employees is now doing more volume than Robinhood, and you have never heard of it. It's called HyperLiquid and its the most important platform in finance right now. In traditional finance, scale and infrastructure usually come with headcount, compliance layers, and media attention. Hyperliquid flips that model on its head. Running a decentralized trading platform that completely changes how markets function. Built on its own purpose built Ethereum like blockchain, it facilitates high frequency derivatives trading with the efficiency of Nasdaq, but no custodial risk, corporate bottlenecks, or 'trading hours". The numbers are hard to ignore: 💰 $400 billion in montly trading. 💰 $106 million in monthly revenue (August 2025) 💰 More volume than Robinhood in July, with 90% fewer employees But what’s even more interesting is the governance. Hyperliquid runs with no venture capital and minimal marketing. It aligns directly with its users and validators through onchain incentives and decentralized governance. It's token went primarily to traders and early participants, not insiders. It’s lean. It’s efficient. and run on a new kind of exchange infrastructure which is global, real-time, and fully programmable. Why it matters: - For allocators, it represents a working model of what next gen financial rails will look like, lower cost, higher throughput, 24/7, and with full transparency. - For infrastructure investors, it’s a signal that Crypto is maturing to take over TradFi. The core question is what happens when markets no longer have gatekeepers? All of this builds up to something bigger. In my next post, I’ll unpack how Hyperliquid is the future of growth and power distribution through incentive alignment, and how WallStreet might actually be rekt.

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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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Every VC website says "value-add." Most have never operated and are selling help they can't actually deliver. After 100+ investments, here's what real value looks like (and how to spot the BS). Last week, a founder asked me: "What value do you actually add beyond the check?" Fair question. I've heard every VC claim they're "value-add." Most aren't. The Marketing BS: "Access to our network" = We'll send one intro email, maybe "Strategic guidance" = We'll give opinions on things we don't understand "Operational support" = We'll suggest you hire a recruiter "Brand value" = We have a nice logo for your website I've watched founders waste months chasing these empty promises. What Actually Matters: After backing 100+ companies, here's the only "value-add" that counts: 1. Speed of Decision The best VCs get back to you in 48 hours, not 4 weeks. Time killed waiting for answers is time not building. One of my founders needed emergency bridge funding. Decision in 3 hours. Money wired same day. That's value. 2. Useful Introductions (With Context) Not "Hey, you two should meet." But: "Sarah, meet John. He solved the exact payment processing problem you're facing at scale. He's expecting your call Tuesday at 2pm." Context. Relevance. Follow-through. 3. Pattern Recognition That Saves You Money "I've seen this movie 5 times. Here's what killed the others..." When I tell founders not to hire a VP of Sales before product-market fit, I'm saving them $400K and 6 months of pain. 4. Being There When Things Break Every VC loves you when you're up and to the right. Real value shows up during layoffs, failed product launches, and co-founder breakups. 3am calls. Emergency board meetings. Actual support when everything's on fire. 5. Getting Out of the Way The most underrated value-add: knowing when to stop giving advice. Your company. Your vision. Your execution. The best VCs amplify, not override. The Litmus Test: Ask any VC: "What specific help did you provide your last 3 portfolio companies?" If they talk about their "platform team" or "exclusive events," run. If they name specific introductions, saved costs, or crisis moments they helped navigate - that's real. The Truth: Most "value-add" is BS because most VCs have never operated. They're selling a product they don't understand. The real value isn't in the services they list on their website. It's in the scars they earned building and failing themselves. I tell every founder the same thing: Judge VCs by their actions in your worst moments, not their promises in pitch meetings. What's the most valuable thing an investor has ever done for you (beyond writing a check)? #VentureCapital #Startups #Fundraising #RealTalk #Founders

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If you’re a 𝗽𝗿𝗲-𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗼𝘂𝗻𝗱𝗲𝗿 and still confused about valuation, you just missed something big. I just dropped a 3-part trilogy breaking down how to approach early-stage valuation the way investors actually think. Most founders screw this up. They anchor on fantasy numbers, repel investors, and burn months fundraising. This series fixes that. ──── Here’s what you’ll learn if you read all 3 posts: ➤ How the Scorecard Valuation Method actually works (with a step-by-step example). https://lnkd.in/gCNkmRXB ➤ Where the Scorecard method fails founders (and why investors don’t fully trust it). https://lnkd.in/gyTgdr7H ➤ How to combine Scorecard, Berkus, and Risk Factor Summation into a triangulated narrative investors can’t poke holes in. https://lnkd.in/gFZ9Qjxx ──── This is the kind of structured clarity most founders pay $$$ for, but I put it out there free. If you’re raising pre-revenue, do yourself a favor: go binge the trilogy. It might save you from tanking your round before it even starts. ──── Want brutal clarity on your startup? Skip years of wasted effort and stop making expensive mistakes. Get direct advice on your deck, valuation, fundraising, GTM, or other challenges. Book a no-BS 1:1 call with me here: https://lnkd.in/gWV8DT56 💬 Drop your most burning fundraising question in the comments. ♻ Repost to save founders from humiliating valuation mistakes. 🔔 Follow Anshuman Sinha for more Startup insights. #Startups #Entrepreneurship #VentureCapital #AngelInvesting #Innovation

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A Founder should prepare a Data Room like this for easy access to their documents. Always remember that an organized and well-prepared Data Room shows you are professional, transparent, and ready to scale, which eventually speeds up the due diligence process. Some Points to note while preparing a Data Room: 1. Structure it clearly: use separate folders for different sections like Company Formation Documents, Financials, CapTable, Customer Details, Patents, etc. 2. Make sure that all documents are updated and accurate 3. For Security purpose, try to use a trusted platform with access controls 4. Only include necessary documents Here is a simple structure to get you started (see attached image for reference) 1. Company Summary: Pitch Deck, One Pager 2. Company Documents: Incorporation documents, Shareholders Agreements 3. Team: Contracts & ESOP, Advisors 4. Client Details: Contracts, Pipeline, Usage Data, Market Research 5. Legal: Technology & Security Agreements, Patents/ Trademarks, Insurance, Policies, Additional Agreements 6. Investment Documents- CapTable status, Investment Documents (SAFE, Convertible Note) 7. Financials- Budget, Financial Projections Credit: yana_vc, Pretiosum Ventures ~~~~~ ♻️ Found this helpful? Repost it so your network can learn from it, too. And follow me, Fazlur Shah, for more content like this. #startups #entrepreneurship #venturecapital #investing

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