# Awesome People Ventures Fund 2 Financial Model

Awesome People Ventures is a community-driven, decentralized early-stage Web3 VC fund raising Fund II.

- Canonical: https://finamodel.com/startups/awesome-people-ventures-fund-2
- Excel download: https://finamodel.com/startup-models/awesome-people-ventures-fund-2.xlsx
- Category: Crypto/Web3
- Model type: SaaS ARR / Valuation
- Funding round: Fund 2

- Founded: 2021
- Geography: US-based (GP in SF Bay Area ecosystem); portfolio is Web3-native / global.
- Customer: n/a

## About the company

Awesome People Ventures is raising a $20 million second fund for early-stage Web3 investments through a community-driven venture model. The GP shares economics with members who source opportunities and support portfolio companies, making participation part of its operating proposition.

Fund I was a $1.5 million vehicle and was fully deployed when the Fund II deck was prepared. The fund is US-based but its Web3 portfolio opportunity set is global. Its economics are conventional LP/GP mechanics rather than a software subscription or protocol transaction model.

Build Fund II around capital commitments, closing timing, investment pace, reserves, and management fees charged on committed or invested capital as applicable. Carry should be modelled only after portfolio exit values and distribution timing, with a separate allocation for the community’s share of GP carry. Track management-company payroll and operating costs against fee coverage and runway.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- "Decentralized VC fund": up to 50% of GP carry shared with community contributors (deal sourcers, diligencers, portfolio supporters).
- Community DAO will own/operate fund marketing, talent sourcing, and platform functions (separate legal entity).
- Talent network generates its own revenue; referrers earn % of revenue.
- ~1,500 introductions made in the prior year; positioned as "value-add VC" supernode.
- Investment thesis: Web3 inflection points - Protocols, DAOs, DAO tooling, B2B SaaS for Web3, user-owned marketplaces, creator tools.
- Decision framework: Awesome People (founder quality) + Unique insight + Unseen inflection point.

## Revenue model

Fund economics (standard LP/GP structure; specific terms not stated in deck):
- Management fee: 2% p.a. on committed capital - standard micro-VC convention; not stated in deck.
- Carry: 20% carried interest on profits above hurdle - standard; deck says up to 50% of GP carry is shared with community contributors.
- Talent network / platform: separate revenue stream from talent referrals; exact % or revenue figure not disclosed.

## Traction & metrics

Fund I:
- Fund size: $1.5M
- Portfolio: 37 checks, $25–$50k each, one check per company, 0 reserves
- Co-investors: a16z, First Round, Kleiner, Floodgate, General Catalyst, Bain Capital Ventures
- Fund I IRR: redacted ("IRR = X, up X") as of April 2022; excludes SAFE markups
- Activity: ~1,500 intros made in one year
- Fund I LPs included Marc Andreessen, Chris Dixon, David Ulevitch, Lars Dalgaard, Tom Lee, Bain Capital Ventures

Fund II target:
- Fund size: $20M
- Target portfolio: ~40 companies
- Allocation: 70% first check / 30% follow-on
- Check size: $100–$500k per company
- Deployment period: ~2 years

## Unit economics

- Average check size: $100–$500k; midpoint ~$300k for modeling.
- First-check capital: 70% × $20M = $14M across ~40 companies → avg first check ~$350k.
- Reserve capital: 30% × $20M = $6M for follow-ons.
- Fund I average check: ~$40k ($1.5M / 37 checks).
- CAC, LTV, payback: Not applicable / not in deck (fund model, not SaaS).

## Competition / moat

- Claims to be "the first decentralized VC fund".
- Differentiators: community carry-sharing, DAO-owned operations, high-volume intro network, Floodgate mentorship (Ann Miura-Ko, Mike Maples).

## Team & funding ask / use of funds

- GP: Julia Lipton - former growth/revenue operator at 3 startups (most recent acquired by One Medical pre-IPO); mentored by Ann Miura-Ko and Mike Maples at Floodgate.
- FT team: GP + Chief of Special Projects.
- Community DAO: operators, founders, angels who source/diligence/support deals.
- Funding ask: $20M Fund II (LP commitments, not equity raise).
- Use of funds: ~40 early-stage Web3 investments, up to Series A; 70/30 first-check/follow-on split.

## Recommended financial model

- **Archetype:** VC Fund Economics Model (LP/GP waterfall). This is a fund LP pitch, not an operating company. The correct model is a fund-level P&L and return waterfall - not a 3-statement or SaaS ARR model.
- **Forecast horizon & granularity:** 10-year fund life (standard); annual granularity for capital deployment and exits; quarterly for management fee cashflows.
- **Key drivers & assumptions:**
  - Fund size: $20M
  - Number of portfolio companies: ~40
  - First-check / follow-on split: 70% / 30%
  - Average check size: $100–$500k; model midpoint ~$300k
  - Deployment pace: ~2 years
  - Management fee rate: 2% p.a. on committed capital
  - Carry: 20%
  - Hurdle rate: 8% preferred return
  - Community carry share: up to 50% of GP carry redistributed
  - Fund life: 10 years with optional 2-year extension
  - Entry valuation / ownership: avg entry post-money $5–10M seed; target 5–10% ownership per deal
  - Gross MOIC targets by scenario: Bear 1.0x–1.5x, Base 2.5x–3.5x, Bull 5x+
  - Loss ratio: ~40% of portfolio at 0x (industry micro-VC base rate)
  - Exit timeline: avg 5–7 years to liquidity; Web3 may be shorter via token liquidity events
  - Web3-specific: token vs. equity investment mix; token lockup / vesting assumptions

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - **Bear:** High loss ratio (50%), low multiples on survivors (1.5–2x), no follow-on reserve deployed
  - **Base:** 40% loss rate, 3x gross MOIC on winners, 70/30 first-check/follow-on as planned
  - **Bull:** 25% loss rate, 7x+ MOIC on top 5 names, full follow-on reserve deployed into breakouts

- **Required sheets / outputs:**
  1. Fund Summary - fund size, fees, net investable capital, deployment schedule
  2. Portfolio Construction - company count, check sizes, ownership targets
  3. Capital Deployment - vintage year, first-check vs. follow-on by year
  4. Management Fee & Expense Waterfall - annual fee income, fund operating costs
  5. Exit / Return Waterfall - gross proceeds by company, LP preferred return, carry split (GP + community)
  6. LP Returns - DPI, RVPI, TVPI, net IRR by scenario
  7. Community Carry Model - $ carry allocated to community contributors vs. GP

## Frequently asked questions

### Is the Awesome People Ventures Fund 2 financial model free?

Yes. The Awesome People Ventures Fund 2 model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.