Teng Hau

speak about venture capital and arsenal football club 🇸🇬🇲🇾🇹🇭🇻🇳🇨🇳

[Trace Cohen @Trace_Cohen]

The Oura IPO is a great example of how venture fund math works.

Forerunner led Oura’s ~$29M Series B in 2020. Those shares sit in its Fund IV vehicles, with the flagship fund being just $360M.

Fast forward six years: Forerunner owns 28.7M shares, or 9.3% of Oura, and is selling its ENTIRE remaining position in the IPO.

At the $42 midpoint, that’s ~$1.2B of liquidity, after already selling $65M back to Oura earlier this year.

The main Fund IV entity owns ~88% of the position, so one investment could return roughly $1.1B+ to a $360M fund. Very roughly, that’s 3x+ the entire fund gross and potentially ~2.5x net DPI to LPs after carry from Oura alone.

That makes selling a lot easier to understand.

The funding history is also pretty wild:

2014/15: ~$2.4M Seed — Lifeline
2016-19: ~$17M Series A — David Shuman
2020: ~$29M Series B — Forerunner
2021: ~$255M Series C — Bedford Ridge
2024: $200M Series D — Fidelity/Dexcom
2025: ~$908M Series E — Fidelity led
2026: IPO at $40-$44/share

What’s interesting is who is selling.

Forerunner: selling 100%
Lifeline: taking hundreds of millions in liquidity but keeping a position
Fidelity: selling 0
Bedford Ridge: selling 0

And 73% of the base IPO itself is secondary shares. Existing shareholders are selling ~$1.5B at the midpoint, with Forerunner accounting for ~$1.2B of it.

You can look at Forerunner selling everything and wonder what that says about future upside. But from a venture perspective, the math is pretty simple.

If one investment can return ~3x your entire fund in cash, you take the DPI.

Could Oura be worth $30B or $50B someday? Sure.

But VCs ultimately get paid to return money to LPs, not hold paper gains forever.

[Sky Sports Premier League @SkySportsPL]

"Gyokeres is never taking Havertz's place"

Jamie Carragher discusses the role that Mikel Arteta wants his forward to play 🔴

[Teng Hau @TengHau]

People will rightly talk about Gabriel. But Eze was the one that let us down, 2nd in line and just miss :( but it’s okay. We go again next season

[Teng Hau @TengHau]

Win or lose. We should be proud of these boy. Leave everything on the field today.

[HandofArsenal @HandofArsenal]

UCL will always be a competition decided on big moments. We have had one and one has gone PSG’s way. Our shape and focus has been excellent. World media said they would bop us? We have put in a solid shift.

Come on Arsenal. One more big moment.

[Teng Hau @TengHau]

@StevenMcinerney Shut up. Go back to your room and cry for pep.

[The Arsenal Insider ✍🏼🚨 @Arsenalinsider5]

MIKEL ARTETA YOU CHANGED MY LIFE

[Teng Hau @TengHau]

https://t.co/bjlyu7SV7s

[Teng Hau @TengHau]

Lovely scene

[Teng Hau @TengHau]

Big up to the ownership.

They continue to trust the process while it is in its most difficult period.

Sometimes you do need that kind of faith.

But Mikel has definitely live up to that faith and reply their trust massively.

#arsenal

[Teng Hau @TengHau]

❤️ https://t.co/D5XfWfcAFw

[Teng Hau @TengHau]

He truly change our life as an Arsenal fan

[Teng Hau @TengHau]

Thank you!

[P™ @SemperFiArsenal]

Thank you for all the sacrifices father.

We wouldn’t have been here without you 🙏

[Teng Hau @TengHau]

Tears 😭

[Teng Hau @TengHau]

❤️❤️

[Eduardo Hagn @EduardoHagn]

🚨 Granit Xhaka on Instagram. 🇨🇭❤️

[Teng Hau @TengHau]

This is gold.

Start with Arsene, End with Mikel.

Thank you! It’s been hell of a journey

[Teng Hau @TengHau]

OMG! What is this?

😭😭😭

[Teng Hau @TengHau]

Saka’s goal. That ball to Gyokeres won’t happen if it’s Odegaard.

Nothing against Odegaard, just saying.

[Billy Carpenter @billycarpy]

Setup was there, performance was mostly there, though I didn't feel the right XI was on at the end. Mostly, the ball didn't go in. I can live with that much more than I can live with Wolves, Bournemouth, Forest, etc. Fuck.

[Teng Hau @TengHau]

If we would go play like this for all of our games, we would have been so clear off the title race.

Why can’t we do that? Why can’t we have this type of attacking intent when we play other teams?

Unnecessary put so much pressure on us for dragging City’s back into this race

[Teng Hau @TengHau]

Havertz easily our best players today.

The mere fact that we got up the pitch to create those chances is all down to him.

But man, you can’t miss two chances like this in one of the biggest games in life.