saar gur Profile
saar gur

@saarsaar

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76
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4,578
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venture capitalist at CRV

bay area
Joined May 2007
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@saarsaar
saar gur
2 years
Before I was a VC, one of my first angel investments went up 150x quickly. On paper it was my most valuable asset BY FAR. I never had a chance to sell. Sequoia & other great VCs were investors. Then it went to ZERO. For a newbie, it was an incredible lesson in startup investing.
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@saarsaar
saar gur
5 years
It seems everyone on twitter now thinks if you don’t have 70%+ gross margins your business model is broken. fyi: many of the largest companies in the world are high revenue, low gm businesses. Eg., Walmart has a $340bn mkt cap and 25% gross margins. Costco $130bn with 13%.
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@saarsaar
saar gur
3 years
Facebook earnings today confirmed what so many consumer startups who depend on paid CAC have been feeling (and tortured with these past few months): The company pointed to a 47% increase in average price per ad but only a 6% increase in the number of ads it delivered.
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@saarsaar
saar gur
5 years
great quote from the @sama interview of @vkhosla : " "A company becomes the people it hires, not the plan it makes." - hadn't heard that and it is SO TRUE.
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@saarsaar
saar gur
4 years
If you’re hiring:Please don’t reach the conclusion that when a company lets 25%+ of their company go (Covid), the cuts are low performers. Many CEOs think the best folks will be retained no matter what. Not the case. Plenty of A+ folks getting cut due to drastic business changes
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@saarsaar
saar gur
2 years
Founders: If you are fundraising in the next few months, it will be wise to ask the potential investor:"how many boards are you on?" Folks sitting on 15+ boards will likely be a bit hard to reach the next few months. Just sayin.
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@saarsaar
saar gur
4 years
my product/UI mind is super frustrated that the icon on my phone for my google calendar app is frozen in time on “31” and can’t show the actual day of the month. Have to click to find the date. Had to vent. Who feels me?
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@saarsaar
saar gur
2 years
Guessing that right around now is the time in the cycle that younger VCs will learn that there can be a huge gap btw unrealized values/mark-ups and actual returns/DPI. Mark-downs, lack of secondary buyers, no exit in sight are realities of the business. Winter is here/coming. 😊
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@saarsaar
saar gur
4 years
we built the hoover dam, the golden gate bridge, the bay bridge, etc as a way to hire thousands in the great depression. what infrastructure can we build now that can have big impact? (eg, global warming solutions vs bridges/dams?) I might have suggested solar farms 10 years ago
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@saarsaar
saar gur
5 years
So few companies hit $1bn+ in annual revenue. I wish there was a name for this kind of billion-dollar unicorn....as those are the companies that I aspire to work on.
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@saarsaar
saar gur
4 years
when the elevator was invented real estate prices inverted and higher floors were more valuable for the first time in history. before that most buildings were < 5 floors. while Covid is not an invention, it may invert some asset prices in a similar way (eg.,suburbs vs apt towers)
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@saarsaar
saar gur
4 years
“so much luck and timing in startups” - if you weren’t a believer before, you might change your mind after seeing how unfair Covid has been in decimating some great startups and accelerating others
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@saarsaar
saar gur
3 years
Doing diligence on another startup led to our investment in Doordash. This was the original email (and call) that started it all. A reminder for me on how important it is to do reference calls and listen carefully.
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@saarsaar
saar gur
3 years
Congratulations DoorDash by @CRV
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@saarsaar
saar gur
4 years
prediction: 90%+ of the founders of marginal companies who turn down funding offers right now because of greed (protecting against dilution) will likely kill their cos. (vs. taking the $ & operating from fear). i pray for all. i also encourage u 2 eat if dinner is being served😊
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@saarsaar
saar gur
4 years
let’s go!!! ❤️🤸🏼‍♀️
@maxgazor
Max Gazor
4 years
Excited to announce CRV XVIII, a $600m fund to support early-stage founders, and to celebrate our 50th anniversary as a firm. Here's to the next 50! 🥂 @CRV
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@saarsaar
saar gur
4 years
i am constantly retweeting my portfolio cos & often can’t help myself. I love them. In most cases I invested so early it was unclear if it would work. I’m so proud & psyched for the teams that are finding pm fit & making things happen! So cut me some slack and lets cheer them on!
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@saarsaar
saar gur
4 years
Amazing what @DanRosensweig has done with Chegg. It was a physical textbook rental company. Traded w/ a mkt cap low of $305m. Today the book bus. is 20% & the rest is high margin digital products. A Netflix-like transformation. $8bn mkt cap today. Wow! I'd lost track. #respect 👊
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@saarsaar
saar gur
4 years
I love to surf. Covid is a motherf$&ker of a wave. Many founders will sit on their board and watch it go by. Some will get wrecked. Tons/most will paddle like hell but miss it. A few will catch it. I want to find and fund the Laird’s who are going to catch it and dominate. 🏄🏻‍♂️🏄‍♀️
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@saarsaar
saar gur
1 year
Fun fact: CRV has returned a lot more money (DPI) to investors than we have raised in aggregate (inc. our recent & largely undeployed $1.5bn recent funds). Our longtime LPs will have made money w/ CRV even if all of our TVPI from recent funds and future investments go to zero.
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@saarsaar
saar gur
2 years
I find that 2-3 big opportunities usually surface in a given year for startups (larger cos. 3-5). Eg. Game changing hires, BD, equity or M&A opportunities, or other big decisions. The best CEOs create the time to get these right. Easy to stay in the grind and fumble these things.
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@saarsaar
saar gur
3 years
As a VC, you can truly leave it all on the field when you care deeply about a company's mission & the founders' success. The work doesn't feel like work. I try to remind myself of this w/ every new opportunity. It also means I will miss a bunch where I don't feel this way.
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@saarsaar
saar gur
2 years
A great day to take a step back & smell the roses. I feel super grateful and lucky to do what I do, with all of the people I do it with: founders, partners, LPs, and all of you! 🙏❤️ LFG!
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@saarsaar
saar gur
3 years
one year. DASH execution. 🔥😳
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@saarsaar
saar gur
2 years
In mentoring young VCs, I find myself trying to give examples of "conviction" such as: Would you join this company if they had a role (not a big one)? Would you write a meaningful personal check? Curious what other language or examples have others used to define conviction...?
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@saarsaar
saar gur
3 years
I don’t love big events and won’t miss not having company and VC holiday parties to attend this year. Who’s with me? Or am I just a wierdo? I am perfectly ok with that too. 😊
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@saarsaar
saar gur
2 years
Closing a new investment this week in an incredible founder & company. I AM SO EXCITED. btw- @CRV is open for business. ❤️🚀
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@saarsaar
saar gur
5 years
A lot of press is promoting schadenfreude covering the failures of startups. It makes me mad. Startups are HARD. FWIW - I toast YOU, the founders, the gladiators, out there. And some inspiration from FDR :-) “It is not the critic who counts; not the man who points out
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@saarsaar
saar gur
4 years
@LondonBreed as a former restaurant owner - SF made it impossible to do business but this is absurd. rent and labor are by far the biggest expenses. are you capping rents too? landlords have been raking it in thanks to CA property tax laws.
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@saarsaar
saar gur
5 years
With the announcement of UberWorks, I now have 3 competing investments with Uber: Doordash(food), Bird(scooters), Pared(labor). Maybe they should have hired me for corp dev role as we sure seem to like similar businesses. 😜
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@saarsaar
saar gur
5 years
now that airbnb has banned party houses...let the “Airbnb for party houses” pitches begin! :-) Entrepeneurs will definitely smell an opportunity here.
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@saarsaar
saar gur
3 years
@LorenaSGonzalez you are ridiculous thinking prop 22 has anything to do with this. why don’t you focus on actually solving the actual crime problem?
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@saarsaar
saar gur
2 years
I have a feeling that all the talk of the 4 day work week in my twitter feed is going away for a bit.
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@saarsaar
saar gur
1 year
Observation: There does seem to be a strong correlation between email responsiveness and top VCs. I will leave it to the twitterverse to pontificate on the potential causation. :-)
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@saarsaar
saar gur
4 years
I am a hugger. It makes me sad to think that the new world won't have as many hugs. Especially the big i-am-smushing-you hugs. (I don't care about the handshakes!)
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@saarsaar
saar gur
2 years
lfg! 🚀❤️
@CRV
CRV
2 years
Our firm has been diligent and disciplined about backing talented entrepreneurs for decades. Today we’re announcing two new funds to continue investing in early-stage software companies that give #PowerToThePerson .
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@saarsaar
saar gur
3 years
A lesson I’ve learned for younger VCs: Having a sick anti-portfolio is usually a GREAT thing as it also likely means u have an awesome portfolio. Most of the best investors have one. If you don’t have a great anti-portfolio you likely aren’t seeing the best opps. #staypositive 😊
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@saarsaar
saar gur
6 years
I grew up in Pittsburgh going to Tree of Life for countless events. I never thought terrorism would strike so close to home. Very lucky my family is ok. But I can't help but be furious at our president for stirring up so much hate in our country. #fighthatred #prayersfortheburgh
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@saarsaar
saar gur
5 years
remote work is real and fascinating. we are interested (like every VC). BUT I am also fascinated by the future of social. Not enough attention being paid to Tinder's Swipe Night & the future of dating & hanging. what else should we be paying attention to? beyond esports? cc @jmj
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@saarsaar
saar gur
4 years
i’ve always been surprised no one has cracked the yelp/glassdoor for Landlords. So many great and horrible landlords in how they treat tenants with rent increases, security deposits, and pass-thru expenses. definitely a market ineffiency that seems ripe for attack. cc: @JohnKobs
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@saarsaar
saar gur
6 years
CRV was lucky to be a part of both @ring and @pillpack . Both having a huge positive impact on consumer lives. Now both part of Amazon:
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@saarsaar
saar gur
4 years
very proud of all my partners @crv for executing through this storm. today we managed to see several pitches and had 2 full partner presentations (over video). we are open for business!
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@saarsaar
saar gur
3 years
Startup Maxim:"Great startups attract incredible talent." And great talent helps unlock the "full" potential of a startup. The best founders find a way to get this talent flywheel spinning early with the cofounders they choose, first hires, relentless recruiting, etc.
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@saarsaar
saar gur
2 years
I learned from @georgezachary that it's helpful to think of VC as being in the returns business. Not the investing or mark-up business. Investing (necessary) and mark-ups (helpful) can lead to returns..but not always. I find a certain clarity of thought in framing things this way
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@saarsaar
saar gur
4 years
Note to a Patreon candidate: 8 years ago, no one would've thought Shopify would reach a $120bn mkt cap. There are many more creators than e-commerce sellers. If we can unlock the full potential for Patreon,it will similarly surprise the world what we can become in value & impact.
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@saarsaar
saar gur
4 years
fun fact: Sunday is Super Bowl Sunday. And it’s Groundhog Day. And it’s a rare eight-digit palindrome when written as 02/02/2020 — the only one of its kind this century.
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@saarsaar
saar gur
3 years
CONGRATS @davidhornik & team on the launch of Lobby Capital! David is one of the most incredible humans & investors in our industry. SO GRATEFUL to call him a friend. The Lobby community is incredible. Psyched for the success and impact of the new fund!❤️
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@saarsaar
saar gur
4 years
the fact that prop 13 in california ALSO applies to commercial properties and second homes is absurd. had to vent. thanks for listening.
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@saarsaar
saar gur
3 years
Silicon Valley has NOT paid enough attention that Alex Schultz is the CMO of Facebook. This background (GROWTH, analytics, community) is the future vs. coming from Pepsi, P&G, etc. This will be the CMO profile of consumer tech in the future.
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@saarsaar
saar gur
4 years
Comparing this event to 08/09 is silly. This is a once in 100-200 year event. on a different note...my twitter feed is not working for me. i need to follow more joke-of-the-day content for my twitter feed. suggestions? next will be cute puppies. could def use more puppies
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@saarsaar
saar gur
4 years
Fintech infrastructure like Plaid enabled a wave of innovation (e.g., Chime). Lesser known: Doordash Drive / API is enabling some incredible innovation in local commerce a similar way. If you're working on something exciting in this area, DM me. Tnx! #Doordash -API-as-a-Platform
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@saarsaar
saar gur
4 years
“No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.” ― Socrates
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@saarsaar
saar gur
3 years
love this: "be kind, be original, create more than you consume, and never, never, never let the universe smooth you into your surroundings. It remains Day 1." - Bezos
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@saarsaar
saar gur
3 years
one of my go-to pieces of advice: “Good choices come from good alternatives”-I think i used this 5x+ times this week in hiring, fundraising, BD discussions. Will let it get some rest this weekend before next week. 🤣
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@saarsaar
saar gur
3 years
Met an athlete today at Squaw Valley in his 20s who got covid and now is diabetic. No history of diabetes in his family and all tests show it is due to Covid. It was a real bummer to hear about his long covid. I wish these stories were more widely shared to get our vac rates up.
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@saarsaar
saar gur
4 years
With WFH we are moving work activity back from mobile phones to desktop. When folks do not physically move around (in an office or otherwise), the laptop/desktop has many advantages and the phone has less of a role. Would love to see some stats that confirm/deny this. anyone?
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@saarsaar
saar gur
4 years
"If u need to eat shit, eat it quickly & in large gulps."Lot's of shit eating this week. Friends had to shutdown restaurants. Layoffs at startups. Very proud of those of you who shined as leaders this week(decisive, compassionate, transparent). Wishing u much rosier times ahead❤️
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@saarsaar
saar gur
5 years
Missing our friend Ted. Can't believe 2 years have gone by already.
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@saarsaar
saar gur
3 years
Can we please NOT send the BTC brag tweets and get back to trying to share insightful ideas/content please. 🙏 Love the perspectives/insights. Don't get much out of the bragging. Thank you! Your avid follower. (Yes, I'm a prior perpetrator and apologize for prior transgressions)
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@saarsaar
saar gur
5 years
. @garrytan Fun fact: the largest "member" group in the world to date has been Christianity with an estimated 2.4 bn members in 2019. Facebook eclipsed that number for the first time in human history this past quarter (q2 2019). :-)
@garrytan
Garry Tan
5 years
400 year overnight success
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@saarsaar
saar gur
1 year
I hope that we don't discover that some of the SV firms/individuals with influence who spread the fear had public stock positions against SVB.
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@saarsaar
saar gur
3 years
I feel like the engineer who designed the smoke alarms in my house secretly got a kick out of ensuring the loud low battery warning beeps would only start between 3-5am. Or is it just me?
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@saarsaar
saar gur
3 years
Fun to look back and remember. And super grateful to be involved.
@EricNewcomer
Eric Newcomer
3 years
Sequoia, which led DoorDash's Series A, had to invest $217 million all told to maintain a 15.3% stake in the food delivery company
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@saarsaar
saar gur
4 years
i don’t trust putting my parents on a flight. we need to find a way to safely transport seniors around by commercial air travel. if stores offer senior hours, we should create a similar option for flights. do any airlines offer an option like this?
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@saarsaar
saar gur
3 years
Congrats to all the @crv companies that made the A16Z Markeplace 100 list: Doordash (graduated), Classpass, Tophatter, Curtsy and Resortpass. (& all CRV seed/A investments!) ❤️🚀
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@saarsaar
saar gur
3 years
go @pud !!! ❤️🙌😘. you are incredible!!! Music Distributor DistroKid Raises Money at $1.3 Billion Valuation - Bloomberg
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@saarsaar
saar gur
5 years
this study is silly. the lifecycle of scooters is the key assumption. but the industry took off using an off the shelf toy that was never intended for this purpose. in 20+ years when we look back these critics will look like stupid.
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@saarsaar
saar gur
1 year
While many folks are hating on consumer brands for the money they raised relative to current market cap (inc. BlueApron, Warby, Figs, HelloFresh, Boxed, etc.). On Running has a $10bn mkt cap, profitable and formed in 2010. I don't have details but likely a great venture return.
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@saarsaar
saar gur
4 years
reflecting on the past 3 weeks: i feel very inspired & proud of so many of my friends for how they are running towards the fire and digging deep to help hospitals, displaced workers, creators, and small businesses.
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@saarsaar
saar gur
5 years
Observation: It is easy to become a "cargo cult founder"- increasingly removing yourself from understanding your own product details, how it effects the customer experience and the nitty details in how customers are acquired. The best founders never outsource the details.
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@saarsaar
saar gur
4 years
I’ve always had huge respect for the operators who are grinders. Those who put their heads down and grind to make sh&t happen. Feels like the entire world is just grinding right now. Don’t focus on what makes you happy, focus on what makes you feel strong. We’ll get through this.
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@saarsaar
saar gur
3 years
i often advise folks that given the power law outcomes in startups- it isn’t “fair” but financially it is better to be in the “wrong role/title” in the right company than have the “right role” in the wrong company 👇🏼
@saranormous
sarah guo // conviction
3 years
What a mistake it is to title-chase when choosing a startup 🤦🏻‍♀️. SVP at a company goes nowhere is SVP of nothing. Early teammate at a company that becomes a $10B+ platform biz, grows into a staff engineer, an SVP of product, an extraordinary leader. Choose company, not title.
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@saarsaar
saar gur
4 years
seriously broke my diet this week. not surprising as i have always been a stress eater. amazed that some people are stress fasters and dont eat when stressed. who are you people? any tips? :-)
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@saarsaar
saar gur
4 years
i am so lucky to learn from amazingly talented people (the best in the world!) and I’m constantly reminded of the quote:”one man’s workout is another man’s warmup”. -the ridiculously talented folks i know put in the work to standout from the crowd. i haven’t seen the shortcuts.
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@saarsaar
saar gur
5 years
Excited to share some public info on one of my first investments at CRV. This team has been relentless in their dedication to solve hard problems and the mission. So excited for the @oportun team and their continued impact.
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@saarsaar
saar gur
4 years
At CRV we LOVE consumer subscription and saas businesses. Historically the two were similar but different. Consumer subscription businesses often have: (++++) Much Larger TAM (potentially 1m-100m+ customers vs. 1000s) (+++) MUCH higher WOM growth for standout products (low CAC)
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@saarsaar
saar gur
3 years
boom! DASH up to 56% in the Second Measure meal delivery panel
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@saarsaar
saar gur
2 years
so proud of my partners and the firm's recognition. 4 of us recognized this year! (including @reidRMC on the Brink List!). LFG!
@CRV
CRV
2 years
The @Forbes Midas List honors VCs who make big, early bets on companies that will shape our future. Three of our general partners made the list further validating our firm’s commitment to early-stage tech startups. Congrats @saarsaar @itsbeecher @maxgazor .
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@saarsaar
saar gur
4 years
I am definitely very anxious about taking an Uber/Lyft again due to Covid. You? In China, after the SARS epidemic hit, public transport became associated with disease and danger. Car ownership, ebikes and bike sharing took off. Curious how things will play out here in the US.
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@saarsaar
saar gur
3 years
🚀❤️🔥 @bankmercury is just getting started! So excited for the team and their impact on the world! More here...
@CRV
CRV
3 years
We're glad to announce the series B investment in one of our favorite fintech rising stars @BankMercury 🤩 #CRVVC #VC #VentureCapital #Funding #Startups #Fintech
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@saarsaar
saar gur
4 years
As we look at new consumer investments: A recession will deeply impact discretionary spend. BUT cheap forms of entertainment (Netflix, internet, games) will be cut last. New clothes, fancy foods, transportation/travel are less important in the new post-Covid hierarchy of needs.
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@saarsaar
saar gur
4 years
just when i thought i couldn’t imagine more ads for Shen Yun..i come home to this hanging on my front door. so i have to ask: has anyone gone? is it good? i am about to give up and go
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@saarsaar
saar gur
3 years
Tired:”It’s a huge TAM, it will be my life’s work, & I’m ready to spend the next 10 yrs finding product market fit” Wired:”This project started from personal passion, has crazy product market fit, market feels niche (but is growing) & I think I’m going to have to quit my day job”
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@saarsaar
saar gur
4 years
Happy moment of the day: company pitches us and their demo video was made entirely with @KapwingApp . (not realizing we are investors). Seeing this more and more. Love it! ❤️
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@saarsaar
saar gur
3 years
this is Doordash! ❤️
@t_xu
Tony Xu
3 years
4/ Today, our most active Dashers will find a cash bonus in their account, from $300 up to $20,000 (in their local currency). Also as part of our Main Street Strong campaign, Dashers will be eligible for additional rewards in 2021. More details will be shared in the coming weeks.
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@saarsaar
saar gur
3 years
Thanks for writing this up! Chesa's policies will go down in history for turning SF to shit in unprecedented time.
@DavidSacks
David Sacks
3 years
SF D.A. Chesa Boudin's radical policies are killing innocent San Franciscans. It's time for him to go. If you agree, please share my blog post.
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@saarsaar
saar gur
4 years
covid date night. a movie and four ice cream options delivered by doordash 😊
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@saarsaar
saar gur
8 years
FWIW: If u tell a VC u aren't fundraising but r taking a bunch of coffees 2 c if anyone wants 2 do something pre-emptive YOU ARE FUNDRAISING
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@saarsaar
saar gur
3 years
Reflection: I REALLY wish that I could respond to every email in my inbox. It PAINS me not to respond. Yet I had to give-up. Maybe I should put that sort of message in an autoresponder or something? Those feel just as cold but at least acknowledge receipt? I welcome advice here.
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@saarsaar
saar gur
4 years
@beninato @dksf definitely avoid gyms. especially form fitness in palo alto. and definitely not the bench press bench from 7-8am this wed.
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@saarsaar
saar gur
5 years
i rode my electric cargo bike up to skyline this morning (page mill). boombox and all. it was super fun and it is going to be awesome to bring new people into cycling and mtn biking with these electric assist vehicles. (not just commuting)
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@saarsaar
saar gur
3 years
Market turbulence is great for shaking out those who are truly playing the long game from those who may market themselves as playing the long game, but are really playing the short game. Fun to watch. :-)
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@saarsaar
saar gur
3 years
I feel so lucky to have partnered with this team in Mailbox/Dropbox and now Playspace. You will always be part of the CRV family! Congrats!!!🙏❤️😘🔥
@CRV
CRV
3 years
Congrats to @tonydevincenzi , Scott Cannon, Gentry Underwood, @ACue , @seanBeaus and the @Playdotspace team on today’s news. We're grateful to have supported you in Mailbox and now Playspace.
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@saarsaar
saar gur
6 years
so proud of @JamieSiminoff and the @ring team for what they have accomplished! If you don't believe entrepreneurs can change the arc of history - you haven't met Jamie!!! #proudinvestor
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