Waves of Innovation and Investing in the Future with 116th Street Ventures

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• Where is the transcript for this webinar?

  Speaker 1:
  Thank you for joining us today. We appreciate you joining as scheduled. We’ll slowly get started as people are entering the room.

  To begin with, my name is Ludwig Schulze. I’m one of the managing partners here at Alumni Ventures. For the purposes of this presentation, it’s important for me to note that this is for informational purposes only. It is not an offer to buy or sell securities, which are only made pursuant to the formal offering documents for the fund. Please review those important disclosures in the materials provided for the webinar, which you can access at avfunds.com/disclosures as you see here on this page.

  Alright, with the disclosures out of the way and that short introduction, I want to give you a perspective on our agenda for today. We’ll talk about Alumni Ventures and provide an introduction to the team. We’ll then move on to why venture capital—why folks have historically been interested in investing in venture capital. Then, why Alumni Ventures and why 116th Street in particular could be a consideration for your investment. We’ll turn to how to invest if all that sounds sensible and appropriate for your portfolio, and we’ll give you context for what it takes to take the next steps. Lastly, we should have some time at the end for questions and answers as well.

  Alright, so that’s our agenda. To start with, a little bit about Alumni Ventures. 116th Street Ventures is a fund family for the Columbia community that sits within the umbrella—the parent company, if you will—of Alumni Ventures. Alumni Ventures was created in 2014. Since that time, we have raised over $1.3 billion from over 10,000 individual investors and invested into over 1,300 companies. Each year, we consistently invest in about 250 companies. There are a number of accolades we’ve received along the way, and we’ll speak about them a bit as we go through the presentation.

  One of which is that we are among the most active venture capital funds in the United States, consistently year over year. That’s Alumni Ventures, the parent company of 116th Street.

  Within the 116th Street Fund family, I’m joined by two folks, Andrew Padilla and Brooke Troub. A little bit of context about me on the left-hand side: I started my career at Boston Consulting Group, then moved into venture capital a very long time ago during the dot-com boom and bust. Subsequently, I went to a large corporation called Nokia—most of you probably had a Nokia phone somewhere along the way. Then I became a founder myself, grew a business in mobile payments, and later returned to venture capital about six years ago to join Alumni Ventures.

  Andrew Padilla joined us originally as an accountant at one of the Big Four firms, Ernst and Young, and then moved into asset management on the asset manager side, evaluating venture capital funds and supporting a number of large institutions in doing so. He then joined the venture capital side at a fund called RAL Capital, which you may have heard a little bit about in the news more recently, and then joined us about three years ago.

  Brooke Strub came to us from the University of Richmond where he did an MBA. He is also a founder, having created a business making some really interesting Argentinian-style clothing accessories, and has been a great addition to our team.

  But we are not alone. Importantly, it is not just the three of us—it is actually us and the remainder of the Alumni Ventures group of investment team members who are looking for investment opportunities, evaluating those opportunities, and ultimately contributing them to the 116th Street Fund. We’re about 40 investment professionals split across five offices. New York City, of course, where I’m based and where most of our Columbia community is connected, is obviously a very important part. But we also have offices in Menlo Park, Chicago, Boston, and elsewhere.

  So that’s Alumni Ventures.

  Turning now to why venture capital: What is it about venture capital? Why have institutional investors aggressively invested in it over many, many years? There are a lot of different parts to that.

  The first thing to set context is: What is venture capital? The easiest description is to look at what companies have historically been supported by venture capital. You’ll recognize these six icons. Every single one of those companies, at some point—generally in its earliest stages—was supported by venture capital.

  When Jeff Bezos was putting together the Amazon business plan with his crazy idea of creating a bookstore for the world, there was a venture capitalist who said, “Yeah Jeff, that’s pretty ambitious, with a lot of things you want to do. We’re going to support you in getting to that next step of development with Amazon.” The same thing happened with Google, and with Uber.

  In venture capital, we’re looking for investments in companies that can do that type of thing—grow from an idea with just a handful of people into an incredibly large, successful business in a pretty short period of time. We’re really looking for businesses that can grow into something we can exit successfully within a 10-to-12-year window. That’s a very hard thing to do.

  The flip side, of course, is that for every company you recognize by name and brand, there are many that also received venture backing but didn’t make it. That’s the nature of the asset class. Individual companies are trying to do what’s nearly impossible, and some won’t succeed.

  So that’s venture capital: very high growth in a very short period of time. That’s what we’re trying to find when we go to invest.

  The critical element of any financial asset, of course, is: What can it do for you in terms of returns? Can it produce substantial returns for the investor?

  This chart compares the average returns of US venture capital—the US Venture Capital Index, that’s the dark green bar—versus a constructed index using MSCI World (you can think of that as a large index like the S&P 500), shown in dark blue, and the Russell 2000 (representing younger public companies).

  The pattern here is clear and consistent, regardless of which timeframe you look at: Even the average venture capital fund consistently beats those indexes over a variety of timeframes. This is one of the biggest drivers of why institutional investors, and now through us, individual investors, are excited and interested in allocating some portion of their portfolios to venture capital.

  That’s key reason number one.

  Reason number two is interesting: venture capital is largely uncorrelated to the public markets. As I said, I’m based in New York City—Wall Street’s a little further south. I don’t know what the market is doing at this moment, but the reality is that whether public markets go up or down today will not have an immediate or direct impact on our venture portfolio.

  That’s really important. It’s one of the reasons institutional investors like to have some of their portfolio in venture capital—it isn’t correlated with public market movements. Yes, in the long run, there are feedback loops. Companies we’re investing in today will eventually seek exits through IPOs or acquisitions, often by public companies. But that may be seven, eight, or nine years from now.

  In the meantime, these companies grow independently of what’s happening in public markets. For investors who see a lot of volatility in public markets, there’s a natural benefit in having an uncorrelated asset like venture capital.

  The third key context is that venture is unusual—it’s a different kind of asset class. We invest today in companies that may exit around 2030. We’re really thinking about what will happen next, what will change in industries, economies, and the world where technology can help make improvements or transformative changes.

  Think about areas like quantum computing. It’s been in development and is increasingly advancing, but isn’t fully there yet. By 2030 or 2040, it’s very likely quantum computing will be mainstream. We need to be investing today toward that future.

  The same is true for cell and gene therapy—it’s constantly in the news, with growing appreciation for its potential. We need to invest early in these technologies to benefit as they evolve.

  Other areas include carbon reduction, robotics, and of course, artificial intelligence. This is where I get a bit sarcastic, because from our long-term perspective—looking 10 to 15 years ahead—we’ve been investing in AI for years and years. Looking back at our portfolios over the last decade, well over half of our companies have incorporated some aspect of AI—deep learning, machine learning, or similar technologies. It may not have been the product itself, but AI has often been an enabler that makes these companies more successful in the market.

  Of course, what happened—particularly with ChatGPT coming out—is that all of a sudden, generative AI specifically made artificial intelligence more visible, more attainable, and more tangible as a technology. It really sparked a lot of enthusiasm and interest. That said, nearly every company we’re looking at now is using artificial intelligence to support its business in one way or another.

  I want to turn your attention to thinking about forward-looking considerations and imagining a world without paralysis, as an example. Precision Neuroscience is a company we’ve invested in that is exactly working on that problem, and I’ll show you their website in a moment. Similarly, imagine a world where you can have a perfect math tutor. For any of you who have kids, like I do, and want a little support in math, you know that finding a good tutor is pretty difficult. Every student learns differently, and that’s a challenge.

  Synthesis School is exactly working on that type of problem—improving the way in which people learn new materials, starting with students in the K–12 range.

  The last example here is to imagine a world in which you can actually get fire insurance for your home in California. For those of you living there, you know how difficult it has become to get basic fire insurance given all the wildfire damage in recent years. Kettle Insurance is working on making that much more feasible in multiple markets.

  To give you a better visualization of what these companies are doing, I’ll show you their websites, and Amanda will also drop some links for you to explore. These are all companies we’ve invested in, and potentially we’ll invest in again in the future as they continue to grow.

  Precision Neuroscience, the first company I mentioned, is tackling paralysis and other ailments involving the brain and the connection between the brain and the body. This is a brain-computer interface business. You may have heard of Neuralink, created by Elon Musk. Well, some of Precision’s founders were actually among the early Neuralink team and later left to create Precision Neuroscience about three years ago.

  Their technology is simply better than what’s currently out there. The concept is the same: understanding what the brain is trying to say and do by placing an ultra-thin film on top of the brain to read neurons. Using AI, those neural signals are then translated into movements for a foot, leg, arm, or other applications. There’s tremendous potential here, and many opportunities ahead.

  There’s a great Wall Street Journal feature on Precision Neuroscience—if you Google “Precision Neuro Wall Street Journal,” you’ll find a lot more information.

  Synthesis, as I mentioned, is designed to be your child’s “superhuman tutor.” They’ve worked with DARPA to develop some of their technology and training mechanisms, starting specifically with math. If you have kids or grandkids—or even friends or neighbors—who could benefit from this kind of educational support but have struggled to find good tutoring options, I’d encourage you to try Synthesis School. They have a range of programs.

  My daughter participated in one of their earlier programs, which focused on teamwork and problem-solving. She really enjoyed it. Fundamentally, this business is trying to understand the best ways to train and educate humans across many different subjects—a fascinating problem to solve.

  The last example is Kettle Insurance, which focuses on managing risk associated with fire, but their technology can also apply to other property and casualty risks, such as hurricanes or flooding. Kettle uses advanced analytics—again, artificial intelligence plays a big role—to assess geographic risk factors with much greater precision than traditional methods.

  Currently, insurers use outdated “100-year maps” for underwriting purposes. These maps are highly inaccurate and operate at very broad geographic levels, often covering tens of square miles. They’re insufficient for determining the actual risk of an individual property.

  With Kettle’s improved data and analytics, insurers can make much better-informed decisions. Especially for homeowners in California, members of homeowner associations, resorts, or office properties—these customers are already benefiting from Kettle’s technology.

  These are the types of investments we’re constantly looking for and including in our portfolios. To clarify, the currently open Fund 6 for 116th Street won’t necessarily include these specific companies—they may, particularly if some raise new financing rounds (Precision Neuroscience is one that might)—but this gives you a sense of the type of companies we invest in.

  One common question we get, especially during market turbulence, is: “Is now a good or bad time to invest? How should we think about timing?”

  I often point to this example because it’s so clear. Think back to 2008, during the global financial crisis. That was a very uncertain and scary time for markets. Yet during 2008 and 2009, look at the companies that were founded: Airbnb, Uber, Slack, WhatsApp.

  All of these businesses emerged during that tough period and went on to become incredibly successful. Airbnb reached an IPO valuation of $76 billion in just 12 years, Uber reached $76 billion in 10 years, Slack exited for $19 billion in 10 years, and WhatsApp was acquired for $17 billion after just 5 years.

  These companies likely started with valuations of $10 to $20 million pre-money and achieved enormous outcomes. That’s exactly what we’re looking for in venture capital.

  This also highlights an important point: There are many good times to invest in venture capital. Even during turbulent times, venture can be a powerful way to build transformational businesses.

  Looking further at venture cycles: In 2021, we saw a lot of enthusiasm and activity in venture investing. Many new investors entered the space, which increased valuations and made fundraising more startup-friendly.

  Today, however, the environment is different. We’re in a much more investor-friendly cycle now—valuations are more reasonable, and access to quality deals is improving. I’m not sure I’d label it a “Golden Age,” but it’s certainly a strong period for venture investing.

  That’s why venture capital makes sense as an asset class.

  Now, let’s turn to why Alumni Ventures—and specifically, why 116th Street. One of the main questions we often get is: “How do you get access to these great investments?”

  The first factor is our network of over 10,000 individual investors across Columbia and our broader fund families. This network is an incredible asset.

  Any one of you—whether or not you ever become an investor—could share opportunities with us. We constantly receive emails saying, “Hey, my neighbor, niece, or daughter is creating a startup—would you like to take a look?”

  That alumni connection is powerful. For example, if we see a Columbia founder launching a startup, we can easily call and say:

  “Hey, listen, I know you don’t need more capital—any strong founder usually doesn’t—but could you spare five minutes to talk?”

  Let me tell you about this Columbia venture fund for Columbia-associated folks. I know you’re a Columbia alum. Can we talk about it for a moment? I’ll use that one example just as a caveat to say—we love our Columbia founders and they’re wonderful—but our job is for our investors. We have to build the best possible portfolio for you. Therefore, it is not a requirement that every company we invest in has a tie to Columbia. It’s great if it happens, but that’s not a constraint on how we invest. Just to be very clear.

  Another source of opportunity, and frankly probably one of my favorite ways of finding out about a new company, is when one of our existing founders introduces a friend who is also a founder. That’s the perfect situation. They know who we are, they can introduce their friends in an appropriate way, and that’s a wonderful pre-vetted opportunity to meet new founders.

  Then there’s the giant community, and of course, we are 40 investment professionals and 130 people overall within Alumni Ventures who are all, every day, looking out to try to find and identify new investments to place into any one of our funds. In this case, specifically, the 116th Street Ventures.

  This next piece of the puzzle is perhaps one of the most important parts of how we invest. The way I think of it and describe it here is that we will never be the first or the only investor into a company. It’s not our job to go find a garage, knock on that door, and be the very first to discover a founder. That’s not how we play.

  When we invest, we will always do so alongside a traditional venture capital firm—an experienced fund that has been around. In fact, we specifically do not want to compete with any of these firms. These are great investors who’ve been around for decades. They’re experts in the spaces they invest in, and they have deep pockets to support good companies even through difficult times.

  These may not all be household names. Google Ventures (GV) is probably the closest to that. Maybe you’ve heard of Kleiner Perkins, Andreessen Horowitz, or KLA. These folks are phenomenal investors, and we invest alongside them. It’s one of the unusual aspects of venture capital and how deals get structured that we can do this.

  But we are not waiting outside their door to get their leftovers. Very important—that would be a very bad strategy. Again, we are meeting individual founders from the beginning. Often, our best-case scenario is when we’re the ones making the introduction between that founder and one of these funds to be the lead investor. That’s our optimal situation.

  So how do we approach evaluating opportunities? We see an enormous number of deals—over 500 deals per month across the entire Alumni Ventures team. We’ll engage in real, formal diligence (meaning going into the data room and meeting multiple times with teams) on about 50 companies per month.

  If those continue to look interesting, we’ll take them to our investment committee. At the end of the day, we’re probably doing somewhere around 20 to 25 deals per month. That’s less than 5% of the companies we originally evaluated.

  This process has many different factors—there are other webinars where we can go into more detail—but internally we use a scorecard: a 120-point grading system across 15 different sections covering the company, its growth, who’s investing, and many other factors we consider along the way. It’s a very systematic approach.

  Another key part of the process is that there are always two sets of eyes on every deal. Every team performs diligence, and then another randomly assigned team independently evaluates that diligence. They identify anything missing—opportunities or risks that may not have been considered.

  That’s how we evaluate deals.

  What you get as an investor in the 116th Street Fund is a diversified portfolio in its own right. Within every annual 116th Street Fund—this year’s Fund 6, for example—you’ll get somewhere on the order of 20 to 30 companies in that portfolio, carefully built for you.

  These 20 to 30 companies will look quite different from one another. I’ve shown you three examples, and I’ll show you five more if we have time. These companies are all incredibly interesting businesses with a lot of potential, but they’re diversified across different sectors. Whether it’s cybersecurity, fintech, gaming, or health tech, we want that variety in your portfolio. We’re not going to put 10 fintech companies in one portfolio—we’ll have three or four in any given sector so you have strong diversification.

  The other dimension of diversification I pay particular attention to is stage. We invest across seed, early, and growth stages.

  “Seed stage” is what it sounds like—the very beginning of a company’s journey. There’s a handful of people building the business, maybe some initial pilot revenue, maybe a draft product ready to go, but they’re just getting started. For these businesses, we expect huge potential outcomes but also know that some won’t make it. There’s naturally a higher risk at seed.

  “Early stage” companies are further along. You can think of them as having single- to double-digit millions in revenue. They’re starting to see customers and activity; now the question is how much and how quickly they can grow.

  “Growth stage” is the lowest risk-reward segment. These businesses typically have double- to triple-digit millions in revenue. The main questions for them are around the acquisition or IPO window.

  From these sizes, you can see we aim for roughly equal amounts of seed and early-stage deals, with the remainder in growth. This approach balances risk and reward for your portfolio.

  Geography is another diversification factor. We love New York businesses naturally, but we can’t ignore California where there’s massive activity. We make sure your portfolio is diversified geographically as well.

  Again, I’ll reiterate this: perhaps a quarter to a third of our portfolio will have Columbia founders, but likely not more than that. The rest will come from other founders without a Columbia connection. The point is we’re building the best possible portfolio across all these dimensions.

  Now, I want to share a couple more companies because, at the end of the day, this is what excites me most—and hopefully, you’ll find them interesting too.

  Another company I’ll mention is Kapital, based in Mexico. This is a bank for small and medium-sized businesses. They serve SMEs in Mexico. We invested in them about two, two and a half years ago, and they’ve been growing wonderfully. They correctly identified a huge gap in the marketplace and are successfully executing on it.

  Hawkeye 360 is in a very different space—they’re in the satellite business. They make satellites specifically designed to detect radio frequencies.

  On the left-hand side here is a standard satellite image of the Middle East. On the right-hand side is what Hawkeye adds: radio frequency usage. You can think of radio frequency noise as marine radios, radar, radar jamming, and so forth. Hawkeye detects and identifies these signals and provides that information to their customers.

  For example, they can help identify a Chinese fishing trawler inside the exclusionary zone of the Galápagos Islands after it’s turned off its transponder. There are countless applications. The company is growing very well.

  In the gaming space, something totally different: a company called Everywhere. They’re about to launch later this year. If you’re familiar with Grand Theft Auto, which is one of the highest-grossing games ever (about a $15 billion franchise), this company is building something very exciting in that domain.

  The gentleman who ran Grand Theft Auto, Leslie Benzies, is the creator of Everywhere. He’s building a whole new world of games, including a AAA game within it, and we’re looking forward to that launch sometime later this year. This is very different from Hawkeye, of course, but that’s the idea—we want to build you a portfolio that has many different types of businesses.

  For health, another very different kind of business is Forta, which serves pediatric autism care. A big problem is that many families can’t access care. Forta realized there was an opportunity to train a family member or a friend with about 40 hours of baseline training so they could become the first line of care for that pediatric autism patient. Those caregivers are then supported via telehealth by a clinician.

  This is awesome because suddenly families are getting access to care and ongoing support. For the families, it’s a huge improvement. Meanwhile, on the payer side, insurance companies love it because the total cost of care is significantly lower than existing alternatives. Forta has been a rocket ship—growing very quickly. We invested in June 2022, they launched in December 2022, and by December 2023, they were already well into the double-digit millions in revenue.

  Formlogic is another example, operating in precision metal parts manufacturing. For most of you, that’s probably a whole new phrase. These are highly specialized parts used in things like spacecraft, where each part can cost thousands or tens of thousands of dollars to make. They’re difficult to manufacture properly. Today, this work is often done by hand, by skilled individuals who are increasingly retiring.

  Formlogic is changing all of that by implementing advanced software and digital robotics. They’re growing quickly and have become major suppliers to several companies you’d recognize in the aerospace sector.

  So again, these are five more very different kinds of companies—all of which we see as having the potential to grow effectively over time as our investment continues.

  Alright, let me pause briefly.

  The question we often get next is: What kind of financial outcomes are possible here? Obviously, there are no promises—there’s risk in all of this—but we want to give you a feel for what this could look like.

  Here’s a hypothetical example of investing in venture capital. Let’s say you commit $300,000 in capital. The large green box here represents that total. From that, we introduce some of the cost structures involved in this asset class.

  There’s something we call a management fee, which covers running the fund for 10–12 years—keeping the lights on and paying staff. It’s calculated as 2% annually for 10 years, totaling $60,000, which is taken upfront. That leaves $240,000 for actual investments. With 24 companies in this example, roughly $10,000 would go into each company.

  That’s the starting point once you’ve placed your capital with us.

  Scenario 1: It’s only responsible to explain that there’s a possibility of a disappointing investment. This scenario happens less than 15% of the time—maybe 1 or 2 out of 10 cases.

  In this case, 80% of your capital is returned. You invest $300,000, and $235,000 comes back. Clearly disappointing for everyone involved, but it’s important to note that while venture capital is risky at the individual company level, a diversified portfolio de-risks the investment.

  It’s extremely unlikely you’d get a zero return. In this example, seven companies return zero, seven companies return 50 cents on the dollar, and 10 companies double your money, which is good but not enough overall.

  The timeline also matters. Company 1 gets capital, raises another round, but unfortunately fails. Company 2 raises from us, raises again in two years, and exits a couple years later. Each company’s story will differ.

  You don’t have to wait until year 12 for returns. Each time you see a “dollar sign” event—like an exit—that money comes back to you as an investor. Most of the better scenarios tend to happen later in the life of the fund because companies need time to grow and succeed.

  Scenario 2: A few wins can finance an entire portfolio. This is more common. Here, seven companies return zero, seven return 50 cents on the dollar, six double your money, three return 25x (2,500%), and one returns 50x.

  This is what we aim for. With a $300,000 investment, this scenario returns $1.4 million—a 470% return. That’s the type of portfolio we’re building for you.

  One more example: Consider Airbnb. If you had invested $10,000 at its Series A (an early stage typical for us), your return would have been $2.6 million. Imagine a portfolio of 24 companies with one Airbnb in it—that’s a very happy place to be.

  Alumni Ventures wasn’t an investor in Airbnb, but it’s one of the greatest venture investments of all time. It illustrates the kind of outsized potential venture capital offers.

  CB Insights, an analyst group, has recognized Alumni Ventures as one of the top 20 venture capital firms in North America—alongside many of the names we co-invest with. This validates our strategy of investing alongside great VC firms.

  Now, I’ll briefly turn it over to Stacy to introduce herself and explain how you can invest with us.

   

  Stacy:
  Hi everyone. My name is Stacy S, and I’m a Senior Partner with Alumni Ventures. My main role is to engage with the investor community, so I’ve probably spoken with some of you already and look forward to meeting the rest.

  As you’ve been listening to Ludwig talk about these exciting companies, you might be wondering: Am I ready to move forward?

  Because venture capital is a risky asset class, you need to consider whether it’s right for you. Think about diversification and whether you can handle the illiquid nature of this investment—it typically lasts around 10 years. Are you prepared for turbulence? Not all investments will be winners. Some will lose money.

  As Ludwig walked through, though, the math works in your favor with a portfolio approach. Lastly, definitely consult your advisor to determine if this is something appropriate for you and your family.

  If you are ready to move forward, here are key facts:

  • Minimum investment size for 116th Street Ventures is $25,000; maximum is $3 million.

  • We accept investments in a variety of forms: individual, joint account, LLC, trust.

  • Offshore investors can use a BVI share class.

  • We charge a 2% management fee and 20% carry.

  What does this mean?

  Let me walk you through a very simple example. If you decide to put in $100,000, here’s what happens: $20,000 is reserved initially for the management fee—that’s 2% annually over 10 years, taken upfront. The remaining 80% is deployed into the 20–30 companies that Ludwig, Andrew, and the amazing team source, find, and manage for you.

  It generally takes about 18 months for us to fully construct your portfolio. As liquidity events occur—whether IPOs or acquisitions—you’ll receive returns. First, you’ll get back your initial $100,000, including the management fee. Any additional dollars you receive beyond that are considered profit.

  At that profit stage, you’ll keep 80 cents on the dollar while the fund keeps 20 cents on the dollar. That’s the 20% carry or profit share.

  We operate with a single capital call, meaning whatever amount you decide to invest is required upfront. You can fund this with cash or through self-directed retirement dollars, such as an IRA or Roth IRA. We’re happy to work with you on that setup.

  One additional point: QSBS (Qualified Small Business Stock) offers a potential tax advantage if you invest with non-retirement dollars. If you hold the investment for more than five years (timing is based on when you contribute and when the exit occurs), you may not be subject to capital gains tax. There are caveats and qualifications, but we expect a certain percentage of our investments may qualify for this tax benefit.

  Speaker 1:
  No, I think you said it very well, Stacy. QSBS is a relatively unknown benefit—even some accountants aren’t familiar with it. It’s been part of federal tax law for decades and can provide a meaningful tax exemption. As Stacy mentioned, there are specific requirements, and we can send more information if you’d like to learn more.

  Speaker 2:
  Another important point is timing. Our first close is coming up at the end of this month—August 31st—and we’re offering a management fee discount for investors who participate early. We also have a second and final close.

  Our team will be happy to answer any questions and help you through the process. It’s been great meeting so many of you, and I look forward to staying in touch. Thanks, everyone.

  Speaker 1:
  Exactly. If you’d like to learn more, have a conversation, or discuss your individual portfolio, I encourage you to schedule a call with Stacy, Dan, or Darren. You can do this via calendly.com (Amanda will share the link in Slack).

  Alternatively, you can visit av.vc/116 for more information, legal documents, webinars, and details on how to invest. The online process is straightforward—some investors complete it in 10 minutes, though we encourage you to take your time and review everything carefully.

  Lastly, for any other questions, feel free to email us at 116thStreet@av.vc, and we’ll be happy to help.