What message did he share in his speech?

He expressed gratitude for life, friends, and family; reflected on love and freedom; said that life’s tapestry is co-created; reminded himself that regardless of hardships or “the menace of the years,” he remains unafraid—“Forever Young.”

How does FJ Labs use sector analysis for sourcing deals?

“Twice a year we run sector analyses and brainstorming sessions. This leads to new ideas and helps us spot startups we were not aware of, which we then reach out to.”

Does FJ Labs proactively search for startups?

“Not much — outbound is only about 4% of deal flow. We mostly rely on inbound and network-driven opportunities.”

How does FJ Labs handle the large volume of inbound deal flow?

“We built processes to cope with the firehose — deals are triaged and reviewed by the team, with weekly investment committee meetings to discuss them.”

Why do founders like having FJ Labs as an investor?

“We help them raise money by making introductions to VCs who can lead their rounds, and we have deep expertise in marketplaces.”

How many deals does FJ Labs invest in compared to how many it sees?

“We invest in around 1% of the deals we review — about 3 new investments per week.”

Why does FJ Labs get so much deal flow?

“Because we do not lead rounds and do not compete with other VCs, we are often invited into deals. Founders also like that we help with fundraising by introducing them to other VCs.”

How does outbound outreach contribute to deal flow?

“Because we are drinking at the firehose of our inbound deal flow, we do not spend much time reaching out to startups. … Twice a year … we invite our FJ Labs colleagues … think through ideas … sector analysis … These exercises uncover a fair number of startups we were not aware of and reach out to.”

Do cold inbound messages result in good investments?

“In full transparency, this is the typically our lowest quality deal flow channel … The real number … is over 100 … unless you put enough information in your message … But … a surprisingly high 24% of our investments come from cold inbound outreach by the founders.”

Which source supplies the highest quality deal flow?

“48% of the deals we invest in come from other VCs, highlighting the higher quality of this deal flow source in general.”

What percentages of reviewed deals come from each source?

“32% of the deals we review come from other VCs, 32% comes from our entrepreneur network, 32% from cold inbound messages and only 4% from companies we reach out to directly.”

How many deals does FJ Labs receive and review weekly?

“Every week we receive around 100 deals and review around 50 of them.”

What are the sources of deal flow for FJ Labs?

“FJ Labs gets deal flow from 4 sources: 1. Other VCs 2. Entrepreneurs in our network 3. Cold inbound messages 4. Outbound outreach.”

What role do other VCs play in FJ Labs’ deal sourcing?

“Other VCs represent 32% of reviewed deals and 48% of actual investments. They bring us in because we don’t compete with them and because we can help their portfolio companies.”

Who is Matias Barbero and what’s his background?

Matias previously worked at JPMorgan in investment banking, structuring multi-billion dollar deals across industries. He has an MBA from Duke University (Fuqua Scholar), co-founded the Duke MBA Blockchain Club, and was building an AI startup before AI became mainstream.

What is Fabrice’s view on aging?

He said his take on aging is shaped by a poem (“Out of the night that covers me…” by William Ernest Henley) + “Rage, rage against the dying of the light.” He feels youthful and energized, grateful for friends and love, and views age as something managed with courage, spirit, and gratitude.

What themes were used during his multi-day birthday celebrations?

He organized three themed nights: 1) Here be Dragons (Latin “Hic sunt dracones” theme), 2) Temple Night with mentalism and shibari, 3) Golden Jubilee & White Party blending renewal (white) and jubilee (gold) for his 50th.

What sports and activities are important to Fabrice in his life?

He has a strong family tradition in racquet sports: tennis, padel, etc. He built red clay tennis court, padel clubs, and a pickleball court in Turks.

How did Fabrice celebrate turning 50?

He invited over 100 friends & family. First held FJ Labs’ Summer Retreat (July 21-25), then a racquet sports extravaganza from July 26-31 (tennis, padel, pickleball), interspersed with kiting and video gaming.

Should marketplaces “index” themselves in LLMs / employ AEO (Answer Engine Optimization)?

Yes — if you already index in Google, you should also index in LLMs (i.e. make your content discoverable by AI answer engines) to benefit from that traffic. The exception is when a marketplace has ~95% market share in a vertical: in that rare case, indexing might train users to start their journey with LLMs / search engines rather than the marketplace itself.

What impact is AI already having on marketplaces?

Several: • Cross-border commerce via auto-translation of listings & conversations plus better payments/logistics. • Simplified listing process: AI can generate full listings (title, category, description, price) from minimal input. • Improved listing quality (better images, background removal, optimized visuals) leading to higher sell-through. • Productivity gains in customer support, marketing, dev workflows etc., through AI agents, auto-drafted replies, code generation tools etc.

What are the main ways people shop online, as per the blog?

1. Shopping as Entertainment – browsing listings with no specific intent (e.g. Vinted, OLX); 2. Search – users know exactly what they want (e.g. Amazon, eBay); 3. Considered Purchases – when buyers need help choosing what to buy (e.g. high-value items, specialty goods)

How might LLMs (like ChatGPT) threaten marketplaces?

The concern is that LLMs could capture the "top of funnel" discovery phase: people might start product searches there, or even make purchases through them, bypassing marketplaces.

What are some personal details about Matias Barbero?

He is Argentine, has blended his cultural heritage into the NYC office, enjoys ‘mate’, hosts asados for the team. Also, he and his family are expecting a new baby in the coming months.

Why was Matias promoted to Partner at FJ Labs?

His promotion reflects his past achievements, his character, integrity, values, and trust from founders. He’s seen as a leader who brings perspective and strategic guidance when things don’t go as planned.

What approach is Matias known for at FJ Labs?

He brings both strong venture instinct and analytical rigor; he emphasizes discipline in investment strategy, especially navigating late-stage companies and helping LPs via exits/secondaries during overheated valuations.

What has Matias done at FJ Labs?

Over 4 years, he has led more than 85 of FJ Labs’ investments, helped strengthen their fintech and growth-stage investment practice, and pushed for disciplined investment framework across market cycles.

Why does FJ Labs invest in so many companies per year?

They target 100+ investments annually because it aligns with their thesis of diversification, improves pattern recognition, and strengthens their global network.

Which regions outside the US do they invest most in?

Western Europe, Brazil, and India.

How big are the typical investment checks at FJ Labs?

They set investment sizes per round that average to US$400,000. (Fabrice Grinda)

What kinds of startups does FJ Labs invest in?

They focus on Pre-Seed / Seed / Series A rounds; about 70% of their deals are marketplaces. (Fabrice Grinda)

Does FJ Labs lead funding rounds or take board seats?

No, FJ Labs avoids leading rounds because they do not want to compete with traditional VCs.

How does FJ Labs evaluate startups for investment?

Fabrice used the same criteria he applied to his own ventures: evaluating the business fundamentals, the entrepreneur, and the deal terms, especially given his limited time and capital.

Why did Fabrice pause investing after his first batch of startups?

After his first company didn’t become a big success and during the tech “nuclear winter,” there was little capital around. He saved what money he had for his next startup, Zingy, and only returned to investing once he sold Zingy in 2004.

How did Fabrice begin angel investing?

He started in 1998 after building his first venture-backed startup. Between 1998 and 2000, he invested in 7 startups. One shut down quickly, but to his surprise, 6 out of 7 later had successful exits, with one even going public.

Why was FJ Labs created as both a startup studio and a venture fund?

FJ Labs was designed as a hybrid model so Fabrice could keep building companies while also investing. Being both an entrepreneur and an angel investor kept him close to founders, allowed him to help with ideas, and gave him insight into market trends.

What is required to make the investment decision at FJ Labs?

“When we evaluate startups over the course of our two 1-hour calls, we evaluate them along the four dimensions we covered: the team, the business, the deal terms, and alignment with our thesis. We want all four criteria to be conjointly met: amazing founders, with great businesses, raising at fair terms, in line with our thesis. If you are an amazing founder, but feel the valuation is too high or the business not compelling, we will not invest. Likewise, if it is a great idea, great terms, and full-on thesis, but we feel the team is mediocre, we do not invest.” (Fabrice Grinda)

How important is thesis alignment in FJ Labs’ evaluation?

“We focus on marketplaces and have specific theses on the future of marketplaces. Right now, we are specifically focusing on: Verticalizing horizontal (multi-category) platforms; Marketplace pick marketplaces; B2B marketplaces. … Most of the businesses we invest in touch upon many of these themes simultaneously.” (Fabrice Grinda)

What does “fair deal terms” mean at FJ Labs?

“We push for ‘fair valuations’ not just out of self-interest. We really think founders do themselves a disservice when they raise too much money at too high a price. … They are then priced for perfection … things do not go according to plan … it might kill the company … people who raise too much capital tend to spend it and not be as capital efficient as they can be.” (Fabrice Grinda)

What standards of business does FJ Labs expect?

(This is under “Do we like the business?” but the blog focuses more on the team, deal terms, thesis. It states that even if team is great, business with unattractive unit economics or business model may disqualify.) (Fabrice Grinda)

What does FJ Labs look for in the team?

“We want visionary founders who are fantastic at execution. … good proxies for those are storytelling skills and analytical skills. … the founder / CEO must also be metrics-driven, analytical and know how to execute on his or her vision. They really need to understand the business they are in. They need to be able to articulate their unit economics. Even if their business is pre-launch, they need to understand their theoretical unit economics based on industry averages and landing page tests they did.” (Fabrice Grinda)

How often does FJ Labs invest compared to how many deals they see?

FJ Labs invests in around 3% of the deals they evaluate. For example, in 2019, they made 83 first-time investments out of 2,542 evaluated. (Fabrice Grinda)

Where are most of their investments located (geographically)?

They are global, but most deal flow and investment are in the US, followed by Western Europe, Brazil, and India. (Fabrice Grinda)

What percentage of follow-on rounds does FJ Labs participate in?

They follow on in about 24% of cases. They use the fund active at that time, instead of reserving capital.

How quickly do they give feedback after a pitch?

They aim to give an answer in 1–2 weeks so founders aren’t left waiting.

How many deals do they review before investing?

In 2019, they reviewed 2,542 deals and invested in only 83 first-time investments — about 3%.

How does diversification help their investment strategy?

Venture returns follow a power-law: most returns come from a handful of winners. By investing in many companies, FJ Labs increases the odds of hitting those outliers.

Why doesn’t FJ Labs take board seats?

Taking board seats would limit the number of companies they could back. Since they invest at scale, they avoid it and instead help founders informally.

Why does FJ Labs avoid leading rounds?

They don’t lead rounds because they prefer to collaborate with VCs, not compete with them. This keeps them friendly with lead investors and ensures they get invited into more deals.

How many investments do they expect per year with their strategy?

They do 100+ investments per year, and for their ~$175 million fund, they expect over 500 investments total. (Fabrice Grinda)

Playing With Unicorns - Fabrice Grinda

Playing with Unicorns is a live streaming show on startups, entrepreneurship, and venture capital. I stream Thursdays at 12 pm EST on LinkedIn, Facebook, YouTube, Twitter, and Twitch. I then post the videos to YouTube and the audio to the podcast section of Spotify and iTunes. All the episodes are below including all the supporting materials presented during the stream.

It takes me a while to write episode summaries. For the latest shows, check out Playing with Unicorns on YouTube, Spotify, or iTunes.

এপিসোড ৫৩: আমাকে যেকোনো কিছু জিজ্ঞেস করুন

আমার শেষ ‘আস্ক মি এনিথিং’ সেশনের পর এক বছর কেটে গেছে। এর মধ্যে এআই, মার্কেটপ্লেস, ম্যাক্রো এবং সামগ্রিক টেক ইকোসিস্টেম জুড়ে অনেক কিছু ঘটে গেছে। আমরা যে প্রশ্নগুলো নিয়ে আলোচনা করেছি সেগুলো এখানে দেওয়া হলো: আপনি যদি পছন্দ করেন, আপনি এম্বেডেড পডকাস্ট প্লেয়ারে পর্বটি শুনতে পারেন। উপরের YouTube ভিডিও এবং এমবেডেড পডকাস্ট প্লেয়ার ছাড়াও, আপনি iTunes এবং Spotify- এ পডকাস্ট শুনতে পারেন। প্রতিলিপি সবাইকে হ্যালো। আমি আশা করি আপনার একটি চমৎকার সপ্তাহ কাটছে। সত্যি বলতে, আমাদের ‘আস্ক মি এনিথিং’ সেশন করার পর এক বছরেরও বেশি সময় হয়ে গেছে, এবং এর মধ্যে এআই, ম্যাক্রো এবং ভূ-রাজনীতি ইত্যাদিতে অনেক কিছু ঘটে গেছে।

এপিসোড ৫২: এআই-এর যুগে মার্কেটপ্লেস

গত কয়েক সপ্তাহে একটি ক্রমবর্ধমান ধারণা তৈরি হয়েছে যে এআই অর্থনীতিকে অস্থিতিশীল করতে পারে এবং সম্পূর্ণ ব্যবসায়িক মডেলগুলোকে ব্যাহত করতে পারে। গত সপ্তাহে আমি আমার এই মতামত প্রকাশ করেছি যে এআই অর্থনৈতিক পতনের চেয়ে উৎপাদনশীলতার বিপ্লব হওয়ার সম্ভাবনাই অনেক বেশি। কিন্তু মার্কেটপ্লেসগুলোর জন্য এর সুনির্দিষ্ট অর্থ কী? অনেক উদ্যোক্তা জিজ্ঞাসা করছেন: এই এপিসোডে আমি বিশ্লেষণ করছি: আপনি যদি কোনো মার্কেটপ্লেস তৈরি করেন, বিনিয়োগ করেন বা পরিচালনা করেন, তবে এই এপিসোডটি আপনার জন্য! আপনার রেফারেন্সের জন্য আমি পর্বের সময় যে স্লাইডগুলি ব্যবহার করেছি তা অন্তর্ভুক্ত করছি। আপনি যদি পছন্দ করেন, আপনি এম্বেডেড পডকাস্ট প্লেয়ারে পর্বটি শুনতে পারেন। উপরের YouTube ভিডিও এবং

পর্ব ৫১: জ্যাক রেসনিক, অ্যাসেন্ডের প্রতিষ্ঠাতা ও সিইও

অ্যাসেন্ড (পূর্বে ফ্লাইফ্ল্যাট) এর প্রতিষ্ঠাতা এবং সিইও জ্যাক রেসনিকের সাথে কথা বলার সৌভাগ্য আমার হয়েছে। এটি ঘন ঘন ভ্রমণকারীদের জন্য একটি সদস্যপদ প্রোগ্রাম যা ৯০% ভ্রমণের সিদ্ধান্ত দূর করে এবং … Continue reading “”

পর্ব ৫০: ভেঞ্চার মার্কেট ট্রেন্ডস

ভেঞ্চার মার্কেট অস্থিরতার মধ্যে রয়েছে। এআই ক্রমবর্ধমান হারে বৃদ্ধি পাচ্ছে, বাকি ভেঞ্চারগুলো ধ্বংসের মুখে। সম্পদ শ্রেণী হিসেবে ভেঞ্চার ক্যাপিটাল বিকশিত হচ্ছে এবং ছাঁটাই হচ্ছে। উচ্চ মূল্যে কম লেনদেন হচ্ছে। নতুন … Continue reading “পর্ব ৫০: ভেঞ্চার মার্কেট ট্রেন্ডস”

পর্ব ৪৯: ড্যান পার্ক এবং ক্লাচের অবিশ্বাস্য প্রত্যাবর্তনের গল্প

ক্লাচের যাত্রা অবিশ্বাস্য ছিল। “কানাডার কারভানা” হিসেবে এটি ২০২১ সালে একটি উচ্চাভিলাষী অভিযান ছিল। ২০২৩ সালে এটি মৃত্যুর মুখোমুখি হয়েছিল এবং একটি অবিশ্বাস্য পরিবর্তন এনেছিল। তারা এখন আবারও হতাশায় ভুগছে। … Continue reading “পর্ব ৪৯: ড্যান পার্ক এবং ক্লাচের অবিশ্বাস্য প্রত্যাবর্তনের গল্প”

পর্ব ৪৮: আমাকে যেকোনো কিছু জিজ্ঞাসা করো

আমি এক বছরেরও বেশি সময় ধরে “আস্ক মি এনিথিং” সেশন করিনি যার ফলে বিভিন্ন বিষয়ের উপর অনেক প্রশ্ন উঠেছিল: ম্যাক্রো, মার্কেটপ্লেস, এআই, তহবিল সংগ্রহ, সম্পদ ব্যবস্থাপনা, শিক্ষা, দ্বীপ কেনাকাটা, ভারত, … Continue reading “পর্ব ৪৮: আমাকে যেকোনো কিছু জিজ্ঞাসা করো”

পর্ব 47: মার্কেটপ্লেস ট্রেন্ডস

প্রদত্ত যে আমি 26 বছর ধরে মার্কেটপ্লেস তৈরি এবং বিনিয়োগ করছি আপনি ভাবতে পারেন যে যা কিছু নির্মাণ করা দরকার তা ইতিমধ্যেই তৈরি করা হয়েছে, কিন্তু সত্য থেকে আর কিছুই … Continue reading “পর্ব 47: মার্কেটপ্লেস ট্রেন্ডস”

পর্ব 46: এফজে ল্যাবসের এআই থিসিস

যদিও এআই বিনিয়োগ নতুন উচ্চতায় পৌঁছে যাচ্ছে, আমরা বিপরীতমুখী হয়েছি। আমরা কতটা অ-ঐক্যমত্য, আমি আমাদের চিন্তাভাবনা এবং দৃষ্টিভঙ্গি শেয়ার করতে চেয়েছিলাম। এই পর্বে, আমি কভার করি: পর্বটি দর্শকদের কয়েক ডজন … Continue reading “পর্ব 46: এফজে ল্যাবসের এআই থিসিস”

পর্ব 45: আমাকে কিছু জিজ্ঞাসা করুন

আমি এক বছরেরও বেশি সময় ধরে একটি আস্ক মি এনিথিং (AMA) সেশন করিনি যার ফলে বিভিন্ন বিষয়ে অনেক প্রশ্ন এসেছে: AI, অগমেন্টেড রিয়েলিটি, ক্রিপ্টো, ম্যাক্রো এবং আরও অনেক কিছু। আপনি … Continue reading “পর্ব 45: আমাকে কিছু জিজ্ঞাসা করুন”

পর্ব 44: উত্পাদনশীলতা আনলক করা: আবেগ এবং উদ্দেশ্যের জন্য আপনার দিনগুলিকে স্ট্রীমলাইন করা

লোকেরা প্রায়শই আমাকে জিজ্ঞাসা করে যে আমি আমার 2023 বছরের পর্যালোচনা দ্বারা চিত্রিত যেমন একটি সমৃদ্ধ, উত্সাহী জীবন পরিচালনা করার সময় আমি কীভাবে এত কিছু অর্জন করতে পারি। এই পর্বে … Continue reading “পর্ব 44: উত্পাদনশীলতা আনলক করা: আবেগ এবং উদ্দেশ্যের জন্য আপনার দিনগুলিকে স্ট্রীমলাইন করা”

পর্ব 12: মহামারী, পপুলিজম এবং নীতি ব্যর্থতা – 2020 সালে আশাবাদের জন্য বিস্ময়কর ঘটনা

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