One thing I’ve been getting asked a lot lately: What does it mean that @MoonrockCapital is a prop fund? Unlike most VCs, we don’t have external LPs. We’re investing our own capital, out of our own pockets. And that changes everything. When we lose money, it’s not someone else’s - it’s ours. You can imagine this hurts a lot more. There’s no management fee. No flexing on prestigious cap tables. No safety net. If our ROI sucks, we die. Simple as that. TLDR: We’re one of you. Not one of them.