Tori Orr

VC Investor @JetBlueVentures // MBA @Wharton // Formerly: @dormroomfund @harlemcapital @veraequity // Alumna @spelmancollege @UMengineering // Hebrews 10:23

[United Airlines @united]

My bag watching me follow it around the carousel

[Sam Stryker @sbstryker]

Extremely strong “Night before the Battle of Winterfell” vibes rn

[Tori Orr @ToriOrrr]

I have concepts of a plan is crazy.

[Tori Orr @ToriOrrr]

@JetBlueVentures Thank you! 💙 so happy to be a part of a great team.

[Tori Orr @ToriOrrr]

@JessLozanoS Thanks Jess!! 💙

[SKY VC @skyvc_]

Please join us in welcoming @ToriOrrr, the newest Associate on the JetBlue Ventures investment team! Tori earned her MBA from @Wharton and brings extensive experience from Intel, @HarlemCapital, @DormRoomFund, and @VeraEquity. Welcome to the team, Tori! 🌟

[Ashlee Vance @ashleevance]

Red Lobster should just pivot to AI

[Tori Orr @ToriOrrr]

😂

[sophie @netcapgirl]

what can the drake kendrick beef teach us about b2b saas

[Harry Stebbings @HarryStebbings]

The most important trait I look for in founders I invest in:

Unwavering obsession. Beyond everything else.

This is all they can think about. This is their life's work. There is no second act.

Very rare for true obsession and dedication to not lead to real value creation.

[lucky @lakshmansankar]

despite the bull market nihilism, it is genuinely exhilarating seeing new technologies come to life

the texture of the internet is changing in front of our very eyes

[Tori Orr @ToriOrrr]

Earthquake in Philly was not on my 2024 bingo card.

[Tori Orr @ToriOrrr]

Nothing compares to the dopamine rush of finally understanding a complex technical concept 💡

[Sam Altman @sama]

happy to see this—excited for intel, the US, and more AI capacity!

[Erik Bruckner @E_Bruxxx]

Well said, @BessemerVP 🎯

[Tori Orr @ToriOrrr]

🥳

[Willem @vanlancker]

Feels like we are re-entering an era of quirky, personality-rich design languages.

It is most apparent in hardware — though we are starting to see it more in software too.

[Garry Tan @garrytan]

A strong pitch is simple statements said in a sequential way that doesn't require leaps of faith, but when taken together add up to a very big audacious idea.

[Ed Suh @edsuh]

Many new venture firms follow a common path in their first several funds. In the beginning, they become friendly with more mainstream firms and beg for small allocations into their deals ($100-250k check into a $6M seed round that Megafund X leads). They build initial credibility this way through their co-investors, and then raise larger funds later on with the aim to write larger checks for more ownership, eventually aiming to lead deals.

The issue is, check sizes don't easily scale linearly. There are step function chasms that need to be crossed. It's exponentially harder to get an allocation for a $1M check than a $250k check, and harder still to earn the right to lead a round.

Most lead firms and founders are indifferent to a small fund that wants to participate in a round with a tiny check. The incremental dilution is miniscule. So getting that allocation is usually very easy. This can give many firms a false sense of security in their ability to "win" allocation.

The issue comes to a head in their next fund, when the new venture firm wants to size up their checks and has material ownership thresholds (5-10%+ for example). Now the incremental dilution & allocation are material for the founder, lead investor, and other syndicate partners. The megafund that granted them a few favors will no longer do so, because they are now competing for real allocation. Other follow-on investors can view them as sharp elbowed and stop cooperating with them (this not only impacts winning but potentially sourcing as well). Founders are much more reluctant to let them on the cap table and take the dilution hit. When you write a small check for <1% ownership, you're a rounding error that can be gifted an allocation. When you write a larger check for real ownership, you have to earn every point of it.

The issue is compounded even further once a firm starts competing to lead deals. There is only 1 slot to lead an investment (sometimes 2, albeit very rarely), vs. potentially a dozen or more to participate. This is where winning truly becomes about winning 1st place, not just being in the group. I've met many new VCs who are shocked to learn that even the top branded venture firms win <50% of the deals they compete to lead. It's ferociously competitive and hard.

Some firms have stayed successful without scaling up, enabling them to be perpetually cooperative and flexible. Some firms can and have successfully crossed the chasm. It's very difficult though, much more so than most new managers would believe.

[Steph from OpenVC @StephNass]

WORK IN PROGRESS:

Trying to explain how VC works to first-time founders.

(It's oversimplified on purpose)

It is clear? helpful? correct?

[Tori Orr @ToriOrrr]

As a reminder, @VeraEquity is actively investing in fintech founders. We write checks of $500k into pre-seed and seed stage startups. If you’re building, reach out! 🚀

[Tori Orr @ToriOrrr]

Excited to attend Fintech Meetup in Las Vegas! If you’ll be in town, let’s connect. Looking forward to discussing the latest trends in fintech with founders and fellow investors. ✨