20VC: Why Financial Models at Seed, $5M Seed Rounds & The Fear of Signalling Risk is all BS | Why Multi-Stage Firms Have Destroyed Seed & Who Wins and Who Loses in the Next 10 Years of Venture with Adam Besvinick, Founding Partner @ Looking Glass Capital
Posted on 29th May 2023 by Harry
Adam Besvinick is the Founder of Looking Glass Capital, a pre-seed-focused firm started in 2020. Before starting Looking Glass, Adam spent about 5 years at Deep Fork Capital and Anchorage Capital Group investing in pre-seed through Series C. Adam’s portfolio across funds includes the likes of BigID, Transfix, NomNom, and Hone Health, to name a few.
In Today’s Episode with Adam Besvinick We Discuss:
1. How Twitter Led to Founding a Venture Firm:
How did Adam make his way into the world of venture through Twitter?
What are 1-2 of his biggest lessons from working with the legend, Chris Sacca?
What does Adam know now that he wishes he had known at the beginning of his time in VC?
What do most young VCs misunderstand when it comes to reputation?
2. Raising Fund I: The Process:
How many LP meetings did Adam have to close Fund I?
What docs and materials did he have for the fundraise? How does he advise other managers on doing docs for fundraises?
How do different LP profiles want different things in the managers they work with?
How did Adam approach first vs final close? How does he advise others managers on closing?
How did Adam instil a sense of urgency in LPs to move and commit to the fund?
What are 1-2 of Adam’s biggest pieces of advice to managers raising a first-time fund?
3. Looking Glass: The Very Disciplined Pre-Seed Strategy:
How did Adam decide on the fund size? Why is it the optimal fund size?
What is the desired ownership for Adam? What level of dilution does he expect across the lifecycle of the company?
What is the average check size? What is the average entry price?
How does Adam approach reserves and follow-on checks?
How does Adam reflect on his own relationship to price?
Why does Adam not like the majority of pre-seed micro-fund strategies?