Tapestry VC

Backing Repeat Founders across Europe & US.

[Tapestry VC @TapestryVC]

Murph recognize Murph.

Thank you @murphcapital from @pmurphyirl and the @tapestryvc team.

[Pavel Prata @pavelprata]

Which emerging VCs have the strongest early-stage picking alpha?

Standard emerging manager evaluation still leans heavily on qualitative signals – GP background, thesis articulation, founder references. All useful, but by the time TVPI and DPI tell you something meaningful, you're usually already in or already too late.

So I experimented with a quantitative framework to answer a core LP allocator question: which small, early-stage fund managers consistently back seed-stage companies that go on to raise exceptional Series A rounds – before those outcomes are visible to the broader market?

I started with @harmonic_ai Scout (my fav research tool!) and checked every company globally that raised a first pre-seed or seed round between 2022–2026 (Post-ZIRP). The funnel looks like this:

1/ 55,491 companies raised a pre-seed or seed round – the full opportunity set
2/ 4,368 (7.9%) went on to raise a Series A – the base rate, roughly 1 in 13
3/ 764 (1.4%) qualified as Tier 1 Breakouts – above-median Series A for their vintage year, with at least one top-tier institutional VC (from a defined set of 38 firms: @a16z, @sequoia, @lightspeedvp, @IndexVentures, and peers)

For each of those 1,604 companies, I traced back to every investor who backed them at pre-seed or seed — before the outcome was visible. 4,176 unique investors across the breakout set.

Then I computed a simple ratio for each: breakout companies backed at seed divided by total seed investments in the period. I'm calling this the "Tier 1 Concentration Rate".

After filtering out mega-platforms, accelerators, CVCs, and angels and requiring a minimum of 10 seed deals – 20 emerging managers (sub-$250M AUM) surfaced with notably high concentration rates.

A few things stood out:

1/ Several micro-funds under $100M were placing 25–35% of their seed bets into companies that later raised from @Sequoia, @a16z, @lightspeedvp – consistently, not as one-off flukes.
2/ Participant concentration and lead concentration are different signals. Participant = network and access. Lead = independent conviction before consensus forms. For LP diligence, these deserve to be evaluated separately.
3/ The data has real limitations: ~12% of breakout companies had no named seed investor in the database, we can't cleanly separate Fund I from Fund III for a given manager, and small sample sizes mean some high concentration rates likely reflect luck rather than repeatable skill.

But the core idea holds. "Tier 1 Concentration Rate" is an early, measurable signal of picking ability – observable years before fund-level metrics tell you anything.

For LP allocators evaluating Fund I–III managers, that timing gap is the whole problem. This is one attempt to close it.

What’s your take on this experiment?

[Tapestry VC @TapestryVC]

@nothing We invested in Nothing almost 3 years ago, inspired by repeat founder Carl Pei’s (@getpeid) commitment to minimal, intuitive design and his vision for redefining our relationship with our personal devices.

We're excited for what they are planning for 2024. Stay tuned!

[Tapestry VC @TapestryVC]

Remember a time when every new tech product launch made you excited?

Consumer electronics innovator @Nothing is bringing that back, and we're incredibly excited for their next phone dropping soon.

[Tapestry VC @TapestryVC]

@nothing @Nothing launched Phone (2) to huge fanfare last year, and the company shipped over 1 million devices across its range in 2023 alone.

[Ladder @joinladder]

The game has changed. 🫡

- 2024 Women’s Health Awards’ Best Strength Training App
- 2024 Women’s Health Awards’ Best App for Unlimited Personal Training
- 2024 CNET Awards’ Best App for Strength Training
- CNN Award for Best Workout Apps for 2023

[Tapestry VC @TapestryVC]

@jalkove @OleriaSecurity @wiz_io @Tanium @Cohesity @TalonCyber @Mandiant We at Tapestry are proud to be supporters and collaborators with Jim Alkove, Jagadeesh Kunda and their rapidly expanding team in Seattle. Congrats @oleriasecurity!

[Tapestry VC @TapestryVC]

There aren’t many founders who have more of a right to win in their chosen industry than Jim Alkove (@jalkove) of @OleriaSecurity. Last week Jim announced a $33M Series A for identity security focused Oleria - less than a year after their $8M Seed round.

[Tapestry VC @TapestryVC]

@jalkove @OleriaSecurity @wiz_io @Tanium @Cohesity @TalonCyber @Mandiant Oleria's latest round, led by Evolution Equity Partners. brings the company’s funding to over $40M, in collaboration with Tapestry VC, Salesforce Ventures, Zscaler, Firestreak Ventures & more.

[Builder.ai @Builderai]

We're delighted to announce that our Chief Wizard and Founder @sachinduggal is @EY_UKI Entrepreneur Of The Year 2023 UK! 🎉

Find out more about the award win here: https://t.co/fVRBBlNS20

#EOYUK #ArtOfEntrepreneurship

[Pitch @Pitch]

Introducing Pitch 2.0 ✨ Start faster with AI. Bring your ideas to life. Know what works.

[Tapestry VC @TapestryVC]

@nothing @MannaAero @Hopin @Pitch Thanks to Andreas (@LPhypeman) and David (@dave_bcs) for a great conversation.

#startups #venturecapital #entrepreneurship

3/3

[Tapestry VC @TapestryVC]

Tapestry VC's Patrick joined @the_euvc podcast to chat all things investing, from our repeat founder thesis and counterintuitive learnings to the importance of stewardship in early stage venture capital.

https://t.co/KQt3H0xAYl

1/3

[Tapestry VC @TapestryVC]

Take a listen to learn more about:

‣ The value in failing valiantly.

‣ A simple but crucial North Star for starting a company, explored via the stories behind @Nothing, @MannaAero, @Hopin and @Pitch.

‣ The art of finding the right co-investors and collaborators.

2/3

[IoT World Today @IoTWorldToday]

Trick-or-treaters in Fort Worth’s Pecan Square will not get their candy tonight by ringing doorbells but rather, by #drone thanks to @MannaAero #Halloween #DroneDelivery https://t.co/XYuEUuUGUt

[Power Lunch @PowerLunch]

The rise of generative AI ushering a new era for the cloud. But will Amazon's AWS - the undisputed leader in the space - have the upper hand in the race for "Cloud 2.0"? Sachin Dev Duggal of @Builderai and Futurum's @danielnewmanUV joins Power Lunch to discuss.

$AMZN $NVDA

[Silicon Republic @siliconrepublic]

Manna Drone Delivery (@MannaAero) has made it onto @LinkedIn’s top Irish start-ups list for the third year in a row. https://t.co/6vetYUJsvJ

[James Titcomb @jamestitcomb]

Exc: Drone delivery wars in Britain about to begin. ⁦@MannaAero⁩ applies to CAA for licence https://t.co/uFvomaccL8

[Grafbase @grafbase]

It’s official, we open sourced the Grafbase Engine! 🦀❤️
https://t.co/MBtme4prMt