Jesse Randall

GP at Sweater. Opening up venture capital funds to every day people through the Sweater app. Constantly training for the next Ironman. #sweaterweather

[David Morris @wdmorrisjr]

Over the past decade, I've met with dozens of men in failing marriages.

If you want to be happy in a marriage that lasts, here's what you need to know:

[Jesse Randall @SweaterCEO]

One of my favorite things as a father is watching things “click” for my kids. My 4 year old daughter figured out skiing today. 😎

Good form overall! She might just take on a blue before the season is over. 🤩

[Jesse Randall @SweaterCEO]

@mariusschober @businessbarista @SweaterVentures Fully registered with the SEC, reporting quarterly, priced daily. It’s the equivalent oversight of being public, but the shares aren’t publicly tradable. https://t.co/mgUAVhB9SA

[Jesse Randall @SweaterCEO]

@anandshroff @businessbarista @SweaterVentures Fair point. You’re welcome to look at the investments we’ve made to date in the app. Out or curiosity, what would you remove from the current pitch to squeeze in a discussion about track record? Or what topic is less important than track record?

[Jesse Randall @SweaterCEO]

@0xBeckford @businessbarista @SweaterVentures In due time on both accounts.

[Jesse Randall @SweaterCEO]

@Ryan_Perri @businessbarista @SweaterVentures This is one area where Sweater gets to write its own script. Think of the fund ops more like a mutual fund than a RegD venture fund. All fees are reflected net in the NAV, there are no capital calls, the fund is evergreen, and there is liquidity every six months.

[Jesse Randall @SweaterCEO]

@0xBeckford @businessbarista @SweaterVentures The Cashmere fund invests pre-seed through Series A with checks from $350K - $1M. Industry focus is what we call “Consumer touching”, or products that can be experienced or observed in every day life. Consumer products, consumer tech, health tech, and even B2B are all relevant.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures We’re working on a solution for that! It does take time to do it right though.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures Yeah there is a bit of a firewall there. If anything, the founders benefit from our massive community promoting and championing their products out in the real world. 🤓📣

[Jesse Randall @SweaterCEO]

@Ryan_Perri @businessbarista @SweaterVentures Liquidity was actually the SEC’s #1 priority when we worked with them to advance this. We also have other liquidity mechanisms that we will eventually release to increase that factor even more.

[Jesse Randall @SweaterCEO]

@Hiraaaad @businessbarista @SweaterVentures There is a fee table in the prospectus. You can access on the docs on this sub-page. Scroll about half way down. Sweater reflects similar fees to the VC industry standard of “2 and 20”, with a flat 2.5% management fee. https://t.co/l2R2zfowSu

[Jesse Randall @SweaterCEO]

Got a nice feature by Morning Brew’s Alex Lieberman (@businessbarista)! Not a bad pitch for just 60 seconds. 😎😏 Proud of my team at @SweaterVentures.

[Alex Lieberman @businessbarista]

This startup is trying to make Venture Capital less condescending.

Time to rate their pitch 1 to 10. Let’s go.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures Great questions! Glad you like the approach. It’s new in the venture world and it takes a good deep dive to wrap your head around the nuances that make it possible.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures This is correct, and it’s one of the larger moats around us. This is not a simple or cheap machine to run. Scale is important! We’re aiming for $1B in AUM in the next 5-7 years.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures 3- The SEC has a protection against bank runs built into the fund. We only open 5% of the value of the fund for redemptions every six months. Track records have to be built, it’s true! We’ve already made 26 incredible investments. Check them out in the app.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures 2- Taking an investment from Sweater is no different than taking money from Fidelity, Charles Schwab, or other money managers. Happens all the time. The portfolio companies don’t carry the risk, the fund does. This exists in every retail offering.

[Jesse Randall @SweaterCEO]

@OffWhite_Quant @businessbarista @SweaterVentures 1- Not sure I understand the conflict of interest concern. Feel free to elaborate.
To your point, it is “easier” to raise from 99 LPs, but that’s not why we’re doing it. Our mission is to legalize access.

[Jesse Randall @SweaterCEO]

@0xBeckford @businessbarista @SweaterVentures The growth of any given investment in the fund is reflected in the NAV price as a weighted average against the rest of the portfolio. That happens as the asset grows in value, not just at exit.

[Jesse Randall @SweaterCEO]

@0xBeckford @businessbarista @SweaterVentures Distributions are aggregated once a year and you can choose if you take the money or recycle it. The fund also has redemption windows every six months where you can request your position at the current NAV. No VC fund does that.