ACQ2: The Acquired Interviews

“If you look at the firms that were traditionally the early-stage ventures firms, the Series-A firms, and you look at their fund sizes and their firm sizes and compositions, it’s changed significantly in the last ten years. Your typical early stage venture fund was a $250M Series A fund. Now your typical early stage fund is anywhere from $500M to 1B.”


Why Listen?

In this episode, Ben and David dive into the evolution of Seed Funds and how early stage investing has changed in the last two decades both for investors and founders alike. Understanding the past changes in the ecosystem helps founders and investors establish themselves for the future. If you are an early-stage founder, this episode will contextualize the information you need to prepare your company for investment.


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Links from the Show:

Wing’s analysis of the current state of the early-stage venture ecosystem: Seed is the new A, A is the new B

Secrets of Sand Hill Road

Gartner Hype Cycle

Value of VC Investment (1995-2018)

US VC Investment Surpasses Dot-Com Era


Show Bookmarks:

[02:15] – Seed is the New Series-A; Series-A is the New Series-B

[08:00] – The Evolution of Seed Funding

[10:00] – The Evolution of VC Firm DNA

[15:30] – Money in Venture as an Asset Class

[16:50] – LP Capital: Where does the money come from?

[19:11] – Venture Capital History Revisited

[20:10] – The Bullish side of Technology Opportunity

[28:45] – The Bearish side of Technology Opportunity

[33:21] – What does this all mean for founders?

[36:00] – Judgment as a scarce resource


People Mentioned in this Episode:

Ron Conway

Benedict Evans

Bill Gurley

Howard Marks

Warren Buffet

John Zimmer

Scott Kupor


Companies Mentioned in this Episode:

Wing (Venture Capital Firm)

SV Angel (Institutional Seed Firm)

Floodgate (Institutional Seed Firm)

Baseline (Institutional Seed Firm)

Andreessen Horowitz

Berkshire Hathaway










Lehman Brothers



Episode Specific Terms:

Vision Fund

Valuation and Series A

Pre-Seed / Seed / Seed Extension Funding

Early Stage Venture Financing

Series-A (Post Product Market Fit)

Super Angels

Seed As An Asset Class of Funding

Full Services VC Firm

Price Sensitivity in Funding

Vision Fund

Seed Investing vs Growth Investing

High-Beta Bets

LP Capital vs Venture Capital

Layers of Platform Infrastructure

Four-Year Vest

Synthetic Reps


Ben and David’s Affiliations:

Wave Capital, @WaveCapitalVC

Pioneer Square Labs, @psl

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What is ACQ2: The Acquired Interviews?

ACQ2 is Ben and David's conversations with expert founders and investors. Acquired the stories of great companies — and ACQ2 dives deeper into the lessons we can learn from them, often with the protagonists themselves.