20VC: Why Raising A Fund Is Like Raising A $25m Seed Round with No Product & Why Not All LP Money Is Equal with Chad Byers, General Partner @ Susa Ventures

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The Twenty Minute VC

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4.4 • 637 Ratings

🗓️ 24 August 2016

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Chad Byers is a General Partner @ Susa Ventures and very exciting news, Susa last week announced the raise of Susa II, a new $50m fund, testament to the quality of fund 1 which included the likes of former guests Lyst, RobinHood, LendUp and many more incredible companies. As for Chad, he focuses on investments in enterprise software, fintech, and healthcare. Prior to Susa, Chad spent time in various marketing and product management roles. As well as being a prolific angel investor in over 30+ companies.

In Today’s Episode You Will Learn:

1.) How Chad made the transition from angel investor to General Partner @ Susa?

2.) How was the fundraise with Susa 1? How was the fundraise for Susa II? How did the funding rounds change for each fund?

3.) How does Chad assess LP fit? Is all LP money not equal? What does Chad look for in his LPs?

4.) Question from Michael Kim @ Cendana: How does Chad look to establish the mindshare with entrepreneurs and other VCs for Susa in today's competitive environment?

5.) How does Chad approach the reserve structure of Susa fund II? How did Chad come tot hat conclusion as the optimal amount for follow on?

Items Mentioned In Today’s Show:

Chad’s Fave Blog and Newsletter: Coding VC, Bill Gurley: Above The Crowd

Chad’s Fave Book: When Breathe Becomes Air

Chad's Most Recent Investment: Modsy

As always you can follow Harry, The Twenty Minute VC and Chad on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

Transcript

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0:00.0	We are back at the 20 minute VC with your host, Harry Stebbings, and you can follow me on Snapchat
0:04.1	at H. Stebbings to see everything that goes on backstage, from content creation to VC offices,
0:10.3	to live interviews, I might even teach you how to make the perfect mehito. But I'm getting distracted now,
0:15.3	so to today's show, and I'm thrilled to welcome, a very good friend of mine in the industry. I always tell LPs,
0:25.6	if I were to back someone, I would back him. And it seems I'm not the only one who saw the potential. So joining me today, we have Chad Buyers, general partner at Sousa Ventures, and very exciting news for Soussa.
0:31.8	Last week they announced the raise of Fund 2, a new $50 million fund, absolutely testament to the quality of Fund 1, which included
0:39.1	the lights of some incredible companies and former guests of the show, including List, Robin Hood,
0:44.8	Lendup, and many more incredible companies. As for Chad, he focuses on investments in enterprise
0:50.1	software, fintech and healthcare, and prior to Sousa, Chad spent time in various marketing and product
0:55.6	management roles, as well as being a prolific angel investor in over 30 companies. However, before we meet
1:01.6	Chad, if you're halfway through the weekend already in need of the weekend, then buy an Eve and take a
1:06.6	proper rest. Eve are the makers of that great mattress that will give you the perfect sleep. With
1:11.4	three-layer technology and next-generation memory foam, it comes packaged in a beautiful box
1:16.3	and arrives the day after you order it. They also offer a 100-night trial so you can ensure the
1:21.4	mattress is perfect for you, and they also give you a free return pickup. So what's the risk? Go to
1:26.7	eavemattress.co.com. Enter the code 20VC, and they'll give you a free return pickup. So what's the risk? Go to eave mattress.co.com.
1:27.7	Enter the code 20 VC and they'll give you an incredible 50 pounds off and it'll be with you the next day.
1:35.0	However, enough from me. So it gives me great pleasure to welcome my good friend Chad Buyers at
1:40.0	Sousa Ventures.
1:45.1	You have now arrived at your... Sousa Ventures. Three, two, one, zero.
1:49.1	You have now arrived at your destination.
1:52.4	Chad, so fantastic to have you on the show today.
	...

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