White Hat / Black Hat

Perspectives on tech entrepreneurship and venture capital

Categories for Deal Terms

Executive Summary Venture capital in the U.S. continues to flow at historically high levels, largely driven by later stage deals, with total invested capital on pace through August for an all-time record in both the Southeast ($4.2B) and nationally ($70B). Exits have declined moderately, primarily due to lower corporate M&A activity, though the Southeast received… Read More

US Region Breakdown

I frequently field questions from entrepreneurs and angel investors about Convertible Debt, and more recently about SAFEs (Simple Agreement for Future Equity).  This is a topic that many have written about, so I thought it might help to do a quick post summarizing Vocap’s perspective and then provide some links to more thorough pieces written… Read More


As technology venture investors, we are presented with a wide variety of forecast models.  Given that we typically lead or participate in Series A / Series B rounds, we are often evaluating companies that are still relatively young (read: lean).  Understandably, many of these companies have yet to establish a dedicated finance function, so the… Read More

Financial modeling stock photo

I recently came across a good article by Jonathan Friedman at LionBird about why VCs pass on ‘good’ companies.  The gist of it is that the VC model is based on slugging percentage, not batting average (i.e. a few big hits carry the returns while the rest can essentially fail).  Accordingly, leaders of ‘good’ companies… Read More


My daily reading habit is kind of like my workout habit; some days, it just doesn’t go as planned.  For proof of this, you need only look at my unread email count (a scary 2,557). I got a little spotty in my TechCrunch reading over the summer, so this past weekend I circled back to… Read More