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)

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讚揚做自己

2025 年 10 月 7 日 · 少於 1 min read

我們人生中花費了太多時間，只為了成為別人眼中我們應該成為的樣子。我們將自己扭曲成符合期望、比較和評判的形狀。然而，更深層次的真相是，自由並非來自滿足那些要求，而是最終完全活出自己的樣子。這是我們很少給予的讚美：不是對成功，不是對外表，而是對那個安靜的、無法複製的奇蹟——做自己。差異的發現十年前，我偶然發現了一個意想不到的啟示：我患有想像不能症。我無法在腦海中視覺化。當引導式冥想邀請我想像發光的能量球或鮮豔的色彩時，我確實感受到了平靜，但我只看到一片漆黑。起初，我以為自己錯過了什麼。我的朋友們描述他們看到了幻象、色彩，以及在迷幻藥作用下的旅程，然而我所看到的，卻只有眼皮的背面。奇怪的是，我的夢境卻不同：生動、如電影般、波瀾壯闊的冒險。而我的兄弟奧利維爾則站在另一個極端，他患有超想像症，視覺想像力如此強大，甚至能將其疊加到現實本身。請注意，這並不是說我無法想像，而是我的想像力和記憶更偏向概念性和情感性。它們由思想、感受和感覺組成，而非圖像。這種對比讓我好奇：我能否「解鎖」視覺化能力？這會讓我更有創意、更有能力、更完整嗎？或許這會幫助我更好地辨識人臉。如果朋友只是換了髮型或穿著方式，就認不出來，這有點尷尬。將弱點轉化為優勢我嘗試了多年。視覺化練習、迷幻藥、無數次的嘗試，但都無濟於事。然而，慢慢地，另一件事顯現出來：我所謂的限制竟然是一種優勢。因為我無法憑空想像畫面，我的思緒不會遊蕩。我活在當下。我可以立即切換情境，從一個主題轉移到下一個主題，而不會分心。我的記憶力驚人。我幾乎能記住所有我閱讀或經歷過的事物，彷彿缺乏內在圖像反而讓我的其他感官更加敏銳。在一個充滿分心的世界裡，這並不是一種障礙。這是一種超能力。因此，我不再渴望擁有不同的心智。 … 閱讀全文〈〉

生命的意義

2025 年 7 月 29 日 · 4 min read

我並沒有考慮寫一篇關於生命意義的文章，但最近的反覆互動和幾部反烏托邦後稀缺小說的令人沮喪的拍攝迫使我表達我的想法。虛無主義我一直收到類似以下消息： “我已經閱讀你的博客有一段時間了，我喜歡你有原創的想法，而不是重複主流的、”規範“的談話。我想問：是什麼讓你對所做的一切保持動力？你相信生命有普遍的意義或目的嗎？你如何克服虛無主義，並對人類的未來保持樂觀？最後，你認為宇宙和人類最終註定要滅亡，還是有逃脫的可能？我認識的許多最聰明的人都飽受極度存在主義焦慮的困擾。他們絕望地認為，他們任何的成就都在 1,000 年後變得無關緊要。在 10 億年後，亞歷山大、凱撒、拿破崙、達文西、莎士比亞、莫札特和耶穌都將被遺忘，因為屆時人類將會變得多麼不同，即使在不太可能的情況下，人類仍然以我們甚至可以開始辨認或理解的方式存在。最終，如果宇宙像物理學家目前預期的那樣持續膨脹，那麼一切都將隨著宇宙最終的熱寂而消失。如果你所做的一切最終都無關緊要，那為什麼還要去做呢？大多數後稀缺時代的小說中，我們都成為不朽的全能之神，最終卻陷入虛無主義。他們認為，如果你不必為之努力，那麼一切都將毫無意義，人們也會失去所有的生活樂趣和生存理由。意外的靈性覺醒直到 10 年前，我還會認為自己是一個理性的不可知論者。作為一名高智商的經濟學家和數學家，我將理性置於一切之上，對宗教和靈性持高度懷疑態度。這一切都始於 2015 年 5 月的一個命運之日。那時，我過著充滿愛、感恩和樂觀的富裕成功生活。 … 閱讀全文〈〉