Today, we are publicly announcing that MATH will not raise a third fund.
In MATH I, we proved our thesis that companies with an unfair advantage in customer acquisition will outperform. In MATH II, we honed our portfolio construction in a way that we believe will lead to consistent top quartile fund returns. Through MATH I and MATH II, we have the honor of working closely with 72 portfolio companies – 50 of which are still active investments.
Our decision was a difficult one. However, given the current fundraising environment, we did not feel we could get to a minimum viable fund size that would allow us to fully support our portfolio companies, construct the ideal portfolio going forward and continue sourcing/investing/supporting new investments.
To the LPs that have entrusted us to invest on your behalf, thank you. There are founders in our portfolio that without your commitment would not be thriving and growing. We remain focused on helping them as always and will deliver on your investment.
To the entrepreneurs that have allowed us to be a part of your journey, we are inspired by you every day. Our commitment to you is never ending – we will continue to support, coach and challenge you even after we have helped you to “Exit Right”.
To the broader tech communities in which we live and invest, we remain dedicated to building a vibrant ecosystem – where investors are true business partners and all founders have the support they need to thrive.
MATH has always focused on business fundamentals – customer acquisition, operating levers and capital efficiency – to drive business results. However, the real joy in venture does not come from a spreadsheet. It comes from having a front row seat to watch an unsure first time founder grow into a confident leader. It comes from seeing companies that nearly failed multiple times fight back and emerge even stronger. It comes from that one piece of advice that resonates and you know that you have helped a founder reach a positive, tangible outcome. It comes from the shared success of a well-deserved, meaningful exit. These are the moments that we will strive for as we continue to work with our 50 active portfolio companies.
While this decision means we will not be making new investments, our future is the same as our past – helping founders take their vision further and grow with greater certainty.
In shared success,
Dana, Mark and Troy
6 Responses
Knowing when to say when says everything. Congrats on all that you have accomplished and to be realized. ~ Ray Antonino, Permits.com
Congratulations on your success and for Exiting Right. Any founder would be very lucky to have you on the cap table and in their board room.
Class act — the team at MATH represents the best of the best when it comes to great people in venture capital.
It has been an absolute privilege to work with the entire MATH team over the past couple years. Your thoughtfulness and dedication towards the portfolio, investors, and our relationship as an Administrator has left a lasting impression.
Love you guys, wishing all of you all the very best!
thank you, nice post.