Playing Different Games

The Velocity Better/Faster/Cheaper Capital flywheel that Tiger has created is real, and will continue to enable Tiger to offer a compelling, low-cost of capital product to Founders. Barring a dot-com bubble-like crash, Tiger will continue to generate strong cash returns and take share of the overall private venture/growth asset class over time, due... See more

Tiger has developed the first structural, non-brand driven competitive advantage and flywheel at scale in venture. And they did it by throwing away a bunch of stale norms and made-up rules about how venture/growth should be practiced, and replacing them with a system that enables them to outcompete VCs on their own turf. That is why Tiger is going ... See more

In contrast to this approach, Tiger offers founders a new product that takes the exact opposite stance on many of these features. I call Tiger’s product for Founders Better/Faster/Cheaper Capital (or B.F.C. Capital), and it looks something like this:

In the past two years, Tiger has developed an entirely unique investment platform in venture/growth based on Maximum Deployment Velocity and Better/Faster/Cheaper Capital for Founders. These two pillars represent the most significant development in venture strategy since the advent of the growth fund7, and the best way to explain their significance... See more

Not at all. On the contrary, we are seeing the emergence of a new velocity-focused strategy in the venture/growth3 asset class that will fundamentally change the way that venture capital is raised. By breaking many long-held but outdated rules & norms of venture/growth investing, Tiger has developed a flywheel that enables them to offer a better/fa... See more

If we look at venture/growth investing as a game, the duties to LPs and Founders above constitute the game’s two immutable rules - you must follow/succeed at both in order to play. If you fail, you lose and can no longer play, either because you can’t raise more money or you can’t deploy the money you’ve already raised effectively.

Tiger: VCs are rarely (if ever) helpful at the growth stage, so the best product I can offer founders is a high price (i.e. cheaper, less-dilutive capital), a quick & minimally distracting fundraise process, and to stay completely out of their way when we’re on the cap table. This approach also enables me to invest at high velocity despite having a... See more