Strategy & Portfolio
Last updated
Quick Answer
The collection of successful companies a VC firm passed on investing in — a humbling record of missed opportunities.
An anti-portfolio documents the startups a venture firm had the chance to invest in but declined, which later became highly successful. Bessemer Venture Partners famously publishes theirs, including passes on Apple, Google, and Facebook.
In Practice
Bessemer's anti-portfolio includes passing on Airbnb at a $2.5M valuation, which went on to be worth over $100B.
Why It Matters
Anti-portfolios demonstrate that even the best investors make mistakes. They serve as a reminder that venture is a game of outliers and pattern-breaking is inherent.
VC Beast Take
The firms honest enough to publish their anti-portfolio earn more credibility than those pretending they never miss.
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An anti-portfolio documents the startups a venture firm had the chance to invest in but declined, which later became highly successful. Bessemer Venture Partners famously publishes theirs, including passes on Apple, Google, and Facebook.
Understanding Anti-Portfolio is critical for founders navigating the fundraising process. It directly impacts deal terms, valuation, and the relationship between founders and investors.
Anti-Portfolio falls under the strategy category in venture capital. This area covers concepts related to the strategic approaches to portfolio construction and management.
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