Leaning In
The global pandemic has caused meaningful shifts in early-stage venture capital. Fund managers that relied on traditional sourcing channels for deals and on-site diligence are struggling to adjust their funnel. Some have pulled back on cheque writing completely and switched to triage mode for their existing portfolios. Those that have never served as operators during times of intense crisis, or led pivots to meet shifting demands are struggling to support their portfolios. However, last month we shared a call to lean in, invest and accelerate the change we collectively hope to see in the world. This unprecedented experience brought on by Covid-19 has yielded an opportunity to reshape our systems and accelerate the adoption of technologies and processes that improve our planet. Market fear and uncertainty is presenting attractive opportunities for investment during a time of need.
It is against this backdrop that we’ve leveraged our strengths and closed on two competitive deals. We are proud to welcome these new companies to the portfolio, both of whom are making a meaningful impact on our planet and demonstrating their resilience during the pandemic. Both are US-based companies with strong growth metrics and resilient business models. We’ve chosen to be strategically aggressive because we feel confident in our abilities to select and help these companies, even during turbulent times. I'm so proud of how our team leaned in, conducted intensive diligence, leveraged our operating expertise, rallied co-investors and negotiated favorable terms to ensure a strong return potential for our investors.