Silicon Valley Daily

“Why did team X raise Y at Z whereas team A only raised B at C?”

1. Market, team, product all count but one more than others 

2. Fundraising is a skill, funds raised is an output

“This does not change the fact that the Bluesky app and the AT Protocol do not use blockchains or cryptocurrency, and we will not hyperfinancialize the social experience (through tokens, crypto trading, NFTs, etc.)”

We think crypto is bad so we raised from a crypto VC

Got it

Equally hilarious that crypto funds invested in them. Guess they’re desperate to have a “web3 social” play in the portfolio.

Building something new. 🟪 Host: /venturecapital /adventures /theitinerant

I agree they’re smart and are good at what they do. I have lots of respect for their track record.

My point is just that Bluesky is the last “web3 social” platform play that’s investable at the early stage right now, and it’d be seen as a miss by LPs to not have a play in this meta. So it makes sense that a crypto firm would stretch the definition of “crypto” to be involved.

Bcap is a good firm and Kinjal is smart, I’m sure they had good reasons to take this bet (also not a huge or existential bet for them given their fund size) 

It’s honestly weirder / more desperate from Bluesky’s perspective… like their user base is vociferously anti-crypto lol