Not Boring Capital Fund I Financial Model

• The fund invests in Seed–Series B tech companies.
• Core value-add to portfolio companies: distribution via Not Boring newsletter + storytelling / investment memos + social reach.
• Flywheel: writing → audience → sponsors → dealflow → investments → public memos → more audience.
• Packy is the top referrer for multiple portfolio companies (e.g. MainStreet, Composer).
• Supplementary support: operational experience (Breather, VP Experience, team of 150).

This is a fund, not an operating company. Economics are fund economics:

• Management fee: 2% p.a. for 3 years, then 0%.
• Carried interest: 20%.
• GP commitment: $100k.
• Minimum LP investment: $25,000.
• Capital calls: 50% upfront, 50% when called.
• Fund admin: AngelList.

Separate, related revenue streams for the media entity (not the fund):

• Newsletter sponsorships (Sponsored Deep Dives).
• No specific revenue figures disclosed for media side.

Media:

• Newsletter subscribers: ~59,000 / ~44,875 email list on export at time of chart / "45k subscribers" mentioned in slide 02 - slight discrepancy, all circa same time.
• Newsletter cadence: twice weekly.
• Growth rate: ~1,000 subscribers/week.
• Twitter: 31k followers.
• Weekly Twitter Spaces show (Spaces Cadets with Morning Brew's Austin Rief).

Syndicate / prior investing:

• Not Boring Syndicate: $2.2 million invested across 15 deals.
• Personal angel: $62k invested across 15 deals.
• Time since first investment: ~9 months.
• Markups: 7, including Pipe at 10x+.
• Notable co-investors on portfolio deals: a16z, Thrive, Benchmark, Founders Fund, Stripe, D1 Capital, Madrona.

Fund raise:

• Target raise: $8 million stated in memo intro.
• Fund size per terms sheet: $5 million.
• Discrepancy note: slide 01 says "raising $8 million," slide 10 terms sheet says "Fund Size: $5 million." Likely the $8M includes reserves/SPV capacity or terms were revised. Flag for model assumption.
• Reserves: 10% (most follow-ons done out of SPVs).
• Deployment timeline: 12–18 months.
• Number of investments planned: 25–40.

Check sizes disclosed:

• Target check size: $50k–$250k per deal.
• Stage mix target: ~⅓ Pre-Seed/Seed, ~⅓ Series A, ~⅓ Series B+.
• Investment horizon: standard venture (no explicit stated fund life, but 3-year fee structure implies 10-year life is standard/assumed).

• Moat framing: media flywheel - writing gives deal access, audience gives portfolio value-add, investments create content.
• Explicit competitive angles cited: narrative investing skill (calls on Spotify, Snap, Twitter, Slack), trend identification, storytelling-as-diligence.
• No competitive landscape slide or comparison to other micro-VCs / media funds.

Team:

• Packy McCormick - sole GP; prior role: VP Experience / NYC GM at Breather (first US employee, scaled NYC market, 150-person team).
• No other named team members.

Funding ask:

• $8M LP raise (memo) / $5M per terms (see discrepancy note in §5).
• Use of funds: deploy into 25–40 venture investments over 12–18 months, $50k–$250k per check, Seed–Series B.
• Pipeline teased (not named): fintech follow-on, Web3 publishing platform, men's telehealth ($10M run rate), founder-first fundraising platform.

• Archetype + why: Venture Fund Financial Model (LP economics + portfolio construction). This is not an operating startup - it is a closed-end venture fund. The appropriate model is a fund-level waterfall model: tracks capital calls, deployed capital, portfolio MOIC/IRR at the fund level, management fee income, GP carry, and distributions to LPs. A 3-statement operating model is not applicable.

• Forecast horizon & granularity:
• Fund life: 10 years (standard).
• Deployment: 12–18 months per deck.
• Annual granularity for fund-level model; quarterly for deployment period.
• Exit / distribution modeling: years 3–10.

• Key drivers & assumptions:
• Fund size: $5M (terms) vs. $8M (memo) - model at $5M base, $8M bull scenario
• Number of investments: 25–40 → Base: 30
• Average check size: $50k–$250k → at $5M fund × 10% reserve = $4.5M investable ÷ 30 deals = ~$150k avg
• Stage mix: ⅓/⅓/⅓ Pre-Seed/Seed / Series A / Series B+
• Management fee: 2% × 3 years, then 0%
• Carried interest: 20%
• GP commitment: $100k
• Reserve ratio: 10%
• Deployment pace: 12 months (base), 18 months (bear)
• Portfolio MOIC assumptions by stage:
• Pre-Seed/Seed: ~30% loss rate, ~3x on survivors, targeting fund-returners
• Series A: ~20% loss rate, ~2.5x on survivors
• Series B+: ~10% loss rate, ~1.5–2x on survivors
• Time to exit: 5–7 years median
• DPI timing: minimal in years 1–4; bulk in years 5–9
• Markup from existing syndicate: 7 markups including Pipe at 10x+ - informational only, not in fund

• Scenarios (Base / Bull / Bear - which variables flex):
• Bear: Fund at $5M, 18-month deployment, 35 deals, modest MOIC (1.5–2x), higher loss rate
• Base: Fund at $5M, 12-month deployment, 30 deals, 3x MOIC
• Bull: Fund at $8M, 10-month deployment, 30 deals, 4–5x MOIC (narrative tailwind, Pipe-like outlier)
• Key flex variables: fund size, deployment speed, portfolio MOIC, number of markups/carry events

• Required sheets / outputs:

1. Inputs & Assumptions (fund size, fee, carry, stage mix, check sizes)
2. Capital Deployment Schedule (deal-by-deal or cohort-based, by quarter)
3. Portfolio Construction (# deals by stage, avg check, reserve allocation)
4. Management Fee Income (2% × committed capital, years 1–3)
5. Portfolio Performance (MOIC by cohort/stage, NAV, unrealized gains)
6. Fund Waterfall (return of capital → preferred return if any → carry split)
7. LP Economics (DPI, RVPI, TVPI, net IRR)
8. GP Economics (management fees, carry dollars, GP co-invest returns)
9. Scenario Summary (Bear/Base/Bull on one page)