John Buttrick in 2010, following his corporate law career, and Andy Weissman in 2011 after having founded Betaworks in 2007.

* 2023 data by Oregon Public Employees Retirement Fund

Fred had a clear chip on his shoulder. He lost his first venture firm, Flatiron, following a poor vintage during the dotcom boom, and went through a period of self-reflection before starting USV. He notes that the first thing on his mind was to prove wrong all the people who didn’t want to keep going with them.

For their biggest value drivers, USV was neither first nor the only investor to see these companies. It seems like they have recognized the upside in ideas that might’ve been a bit out there at the time for the other investors.