Larry Cheng @larryvc

Co-Founder/Managing Partner, Volition Capital. Journaling general business thoughts so I don't forget them. Christian. Harvard. Several private/public boards. volitioncapital.com/team/larry-che… Boston, MA Joined March 2009

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Larry Cheng @larryvc

5 minutes ago

@anirudh0802 Different use case - but very good.

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Larry Cheng @larryvc

9 minutes ago

Astra 6 > Fable 5

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Larry Cheng @larryvc

6 minutes ago

@toddlemieux Agree

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Larry Cheng @larryvc

9 hours ago

New York Fashion Week: Advisry. Keith Herron is a rising star in the fashion world - amazing job! #NYFW26

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Larry Cheng @larryvc

14 hours ago

LP stands for Limited Partner - they are the groups that invest in VC and private equity funds like ours. LPs can be university endowments, charitable foundations, family offices, pension funds, hospitals, fund of funds, etc.

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Larry Cheng @larryvc

15 hours ago

x.com/i/article/2099…

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Larry Cheng @larryvc

3 days ago

@julia_hornstein @theinformation Enjoyed it!

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Larry Cheng @larryvc

3 days ago

In this interview with @julia_hornstein for the @theinformation article, we talked about a commonly asked question: are there really bootstrapped/capital efficient companies in tech/AI? When the capital markets are throwing money at companies, it’s easy to assume that no one bootstraps. The reality is AI has been a boon for bootstrapping. In the last 6 months, I have seen more companies with >$10M ARR with <10 employees after being in market for <10 months than I’ve seen in my entire career. AI has led to a proliferation of bootstrapped companies because it’s so much cheaper and easier to build products. Why do bootstrapped companies even need to raise capital then? Among traditional use cases like sales, marketing and engineering, the key driver today is compute. Compute is like oxygen for an AI native business. At some point the bottleneck to growth is compute which is often something a bootstrapped company can’t fund off their own balance sheet. There are challenges though. It used to be that if a company got to $5M -$10M ARR, you would have pretty good visibility on fundamentals like customer retention, upsell dynamics, go-to-market efficiency, etc. Today, these companies are growing so fast to tens of millions of revenue that there’s much less information on durability despite the impressive growth. So in some sense, these businesses may be larger and growing faster than other eras, but they can feel less predictable and more volatile. So while it’s true that AI has led to massively capitalized businesses - it has also led to substantial growth of bootstrapped companies as well. The VC community is going to go after the biggest most capitalized companies that they perceive to have the biggest absolute upside potential. While the trillion dollar companies are truly remarkable, you can run a more capital efficient business and still achieve billion of multi-billion dollar outcomes. And today, there are more emerging companies than ever following that path.

The Information @theinformation

3 days ago

Volition Capital raised $950 million for a new fund focused on fast-growing companies that have often built substantial revenue before taking institutional capital. Read more: thein.fo/4xvknbi

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Larry Cheng @larryvc

3 days ago

@hecodesforme @julia_hornstein @theinformation Correct

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Larry Cheng @larryvc

4 days ago

@imurguia13 @volitioncapital Agreed!

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Larry Cheng @larryvc

5 days ago

I’m very excited to announce that Volition has raised Volition Fund VI at $950M! We will continue to invest in high growth, capital efficient tech companies with $5M - $50M in revenue. Huge thanks to our founders, portfolio cos, LPs and the Volition team! @volitioncapital

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Larry Cheng @larryvc

4 days ago

@ValueAddedRS @volitioncapital Much appreciated!

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Larry Cheng @larryvc

4 days ago

@DanielBenjamin8 @volitioncapital Much appreciated!

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Larry Cheng @larryvc

4 days ago

@SimulatedLie @volitioncapital Name of co? Will check it out

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Larry Cheng @larryvc

4 days ago

@RoaringSensei @volitioncapital Thank you sir!

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Larry Cheng @larryvc

4 days ago

@pamela_talevski @volitioncapital Thank you!

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Larry Cheng @larryvc

5 days ago

Article link: theinformation.com/newsletters/de… @theinformation

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Larry Cheng @larryvc

5 days ago

++++

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Larry Cheng @larryvc

a week ago

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Larry Cheng @larryvc

2 weeks ago

Interesting: Great initiative by UNC to launch a new School of Civic Life and Leadership focused on civil discourse across disciplines, and if this article is correct, their biggest challenge is their own faculty. Probably not an uncommon dynamic at other schools as well.