Today, we are announcing Greylock 18, a new $1.5 billion early-stage venture fund.
A company begins when a founder sees a future others cannot yet see. There is no team, product, or revenue. Only a deep insight and the courage to start.
Being early is lonely work. For years, being right can look exactly like being wrong. Greylock has spent more than six decades partnering with founders through those earliest moments to build enduring companies. Airbnb, Facebook, and Palo Alto Networks all began as improbable ideas driven by founders determined to make them inevitable.
AI has made the map blank again. Every part of the economy is now open to reinvention. We believe many of the defining AI companies do not yet exist.
We invest selectively and partner deeply with the founders we back. Each Greylock partner makes only one or two new investments a year because the work demands depth. We bring the full attention, network, and resources of Greylock to every partnership.
We are builders backing outliers. Founders have their choice of investor. When a founder chooses to partner with Greylock, we understand the weight of that choice and the profound responsibility that comes with it. We seek to be a founder’s first believer and long-term partner.
Greylock 18 is our commitment to what does not exist yet.
Exciting day for the @chronosphereio and @PaloAltoNtwks teams as they officially join forces.
@martin_c_mao and @roskilli are two of the most high-integrity and humble people I’ve had the privilege to work with. A rare combination of confidence, yet always open to feedback and learning.
I'm very grateful for the chance to be a part of Chronosphere's journey, and to have led the first round of funding on behalf of @GreylockVC . It's been a fun ride!
Congrats again, Martin and Rob! I know you'll do great things in this next chapter
High quality friendships in adulthood are rare and should be cherished. To be honest it's high on the list of things I wish for my kids when I think about their lives.
"It's really rare in life to have people who have high context on your work and truly want to see you win."
Last Uncapped episode of the year, feeling really grateful for what a fun project this has turned out to be.
Closing out the year with one of my best friends @saammotamedi. Although I don't like to admit it to him, he's a remarkable investor and person.
Greylock has been producing amazing returns for sixty years and I tried to stay serious for long enough stretches of time during this episode to hear some of Saam's insights about how it works. Hope you enjoy.
(0:00) Intro
(1:32) Greylock turning 60 this year
(4:11) What’s persisted since 1965
(8:59) Apprenticeship
(11:34) What's durable in venture
(16:29) Greylock’s ethos
(19:33) Incentive misalignments
(24:44) Breadth vs depth in venture
(29:28) Managing the team on inputs
(34:00) Why incubations are so hard
(43:22) Finding alpha
(52:38) Greylock’s approach to portfolio services
(59:18) Assessing wild revenue ramps
(1:08:10) Horizontal vs vertical SaaS
(1:11:34) Friendships and work
(1:16:26) Saam's biological age 😂
Interested in joining a founding team? Join us on March 30 for “Women Starting Up: She’s the First” to hear career advice from a talented group of women who were "first of" hires at their companies. Register by March 27: https://t.co/90fo9j2QZ8
Common stock even more at risk from recaps and down rounds so there is alignment between founders, employees, and investors. The cost of capital has changed materially, and if you think things are like they were, then you are headed off a cliff like Thelma and Louise.
ICYMI: On the latest #greymatter, Greylock's newest venture partner @mustafasuleyman talks about the opportunities in AI, and why he's excited to work with startups. https://t.co/wvYpq9Syg5