Investment

This morning, Mapbox announced a $52.55 million Series B financing. We’ve been on a wonderful ride with them ever since we led their first financing – a $10 million round – in October 2013 . Let’s start with the simple stuff. My partners and I have a massive founder crush on Eric Gundersen, the CEO of Mapbox. My partner Ryan McIntyre was introduced to Eric by another CEO we’ve backed, Zack Rosen of Pantheon . I remember Ryan raving about Eric and pushing me to squeeze in a meeting before I had to run out of town one day. ...

There is a moment during the exploration of a new relationship where a switch flips and the answer is “I want to do this.” With Mattermark , I remember the moment clearly – I was at The Kitchen in Boulder with the founders (Danielle Morrill, Kevin Morrill, and Andy Sparks) and my partner Seth. I had just put a garlic french fry in my mouth (if you’ve never had them at The Kitchen, they are epic) and looked over at Seth. He looked at me and gave me that “yeah – we should do this” look. And that was it. ...

I can’t make angel investments in tech companies anymore because of my Foundry Group fund agreements. So I’ve been making angel investments in food companies. Justin’s Nut Butter , Rick’s Picks , Blue Bottle Coffee , and Quinn Popcorn are some recent examples. I figure if things don’t work out at least I can eat some of the inventory. I ran into the guys from Barnana at an event in San Diego a few months ago. Matt and Nikk came up to me with a Box of Barnanas and said Brad we’re in the banana business, and we think you’ll like our banana snacks. They literally handed me a box of bananas, filled with these delicious organic banana snacks called Barnana . They have since vanished into my stomach. They are insanely good. ...

Once a quarter my partners (Seth , Ryan , Jason) and I spend 48 hours together. Unlike a typical offsite that ten zillion organizations have, we tend to spend less time on formalities and more time on wider ranging, forward looking discussions about what we are doing, both professionally and personally. Last night, over an amazing meal, we ended up talking about what we’ve been investing in over the past four years. When we reflect on the 37 companies we’ve invested in since we raised our first Foundry Group fund in 2007 , we’re delighted with the mix of companies and entrepreneurs we are working with. We have a very clear thematic strategy that we’ve discussed openly, along with a few other key principles such as being willing to invest anywhere in the US and being syndication agnostic. ...

As I read the Berkshire Hathaway 2008 Annual Report , a thought kept popping into my mind that had also come up over and over again while reading Bogle’s Enough: True Measures of Money, Business, and Life . “Be an investor, not a speculator.” As a venture capital investor, I have a long term time horizon on my investments. Since I’m investing very early in the life of a company, I’m usually an investor for five or more years. Sometimes I’m an investor for over ten years. I’m rarely an investor for less than a year, although it happens occasionally. ...