the venture capitalist They manage capital, but one of the currencies they’re always looking for is an elusive and evolving currency: deal flow. An early bet on the next big startup is enough to secure the full return (and some) of the fund.
This reality makes Afore Capital’s latest product launch look all the more benevolent. The venture, which he just closed a $150 million fund in May 2022, is launching what he describes as a popular application for pre-seed startup founders. Similar to the well-known undergraduate application form, the startup’s Common App allows founders to seamlessly pitch to multiple investors using the same basic form and pitch deck.
Here’s how it works: Afore Capital has an accelerator-like program, Afore Alpha, which offers founders standard pre-seed deals. The application includes questions about the founding team, pitch deck, recent wins, inspiration, and interestingly, whether the startup applied or interviewed with Y Combinator for the company’s internal benchmarking process.
Those accepted received a $1 million lead investment through a $10 million post-money SAFE. The deal is five times his capital and five times his valuation offered by accelerators like YC and Techstars, Afore points out.
Today, the same founding team that applied to Afore’s program automatically blows their applications to the 30 or so investors in the venture’s network. The cohort that Afore calls pre-seed experts includes Trail Run Capital’s Allison Barr Allen, The New Normal Fund’s Allison Pickens, Night Ventures’ Em Herrera, and Cambrian Ventures’ Rex Salisbury.
