cover of episode Everything you need to know about Pre-Seed (with Charles Hudson of Precursor Ventures)

Everything you need to know about Pre-Seed (with Charles Hudson of Precursor Ventures)

2020/3/24
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Charles Hudson 详细阐述了 Pre-Seed 投资的定义、市场演变以及投资策略。他指出 Pre-Seed 轮融资通常指对早期公司进行的 100 万美元或以下的融资，这些公司通常处于未产生收入、未获得用户增长、甚至未正式推出产品的状态。他认为 Pre-Seed 投资的出现是由于种子轮融资规模的扩大，导致传统种子基金难以适应早期公司的小额融资需求。他还分析了大型种子基金（1 亿美元以上）的投资策略和回报挑战，指出需要进行高度集中的投资，并投资于规模较大的公司，才能实现目标回报。在投资策略方面，他强调了对商业模式或市场细分方面创新的关注，认为这些创新能够带来持久的影响，并最终塑造产品的构建方式。他还分享了 Precursor 的投资组合建设策略，指出其采用高交易量导向的投资策略，通过接触大量的公司来识别具有突出潜力的公司。他认为 Precursor 更关注投资组合公司的转化率，并认为过高的转化率可能意味着风险不足。他详细阐述了 Precursor 的投资组合建设策略，包括投资数量、投资阶段、投资金额以及对投资回报的预期。他还讨论了单一 GP 的优势和挑战，以及如何平衡投资组合规模与投资回报之间的关系。 Ben 和 David 与 Charles Hudson 就 Pre-Seed 投资的定义、市场趋势、投资策略、以及单一 GP 模式等方面进行了深入探讨，并就 Pre-Seed 投资的挑战和机遇进行了分析。

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Charles Hudson discusses his journey from working at a startup that was sold to Zynga to becoming a partner at Uncork and eventually founding Precursor Ventures.

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Charles Hudson of Precursor Ventures joins us to illuminate everything Pre-Seed -- not just what it is and how founders/companies should navigate it, but also and more deeply: 

  • How he came into this corner of the venture world 
  • How he started Precursor as a solo GP and raised his first/subsequent funds, and what that journey was like 
  • How he manages the firm, its overall strategy, and especially portfolio construction within this relatively new asset class (spoiler: it's different!)

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Note: we recorded this episode in the days right before it became clear that the coronavirus was going to become a major global crisis. While the world has obviously changed since, nothing in this episode is fundamentally different and -- if anything -- Pre-Seed rounds are going to be more relevant for entrepreneurs and investors going forward as valuations and check-sizes contract. We hope you enjoy and find the discussion as useful and illuminating as we did!