WorkLife 1 Financial Model

GP thesis: "consumerization of the enterprise" / bottom-up SaaS (BYOT - Bring Your Own Tool). Three investment themes:

1. Workplace software adopted bottom-up by individuals → teams (e.g. Webflow, Voiceflow)
2. Reimagined work opportunities - talent networks and creator tools (e.g. Substack, Cameo, Anchor)
3. Brand/community-driven software where social signals drive enterprise purchasing (e.g. Superhuman, Figma)

Differentiation: GP has a proprietary deal-flow funnel via SaaS School (invite-only accelerator, 200+ applicants/batch, 40 companies accepted) and a personal brand with 20K+ Twitter followers, 3M monthly impressions.

• Bottom-up SaaS market validation cited: Zoom IPO opened 81% higher; Slack IPO valued at $24B+
• No numeric market-size figures stated.

VC fund economics:

• Management fee: 2% per annum on committed capital
• Carried interest: 20% of profits above hurdle
• LPs receive co-investment rights in follow-on opportunities
• ~40% of deal flow sourced from SaaS School pipeline

• Fund I oversubscribed at $5M cap
• 30 investments planned over 24 months
• SaaS School: 200+ applications per batch, 40 accepted per cohort
• Twitter: 20K+ followers, 3M monthly impressions
• Prior angel portfolio: 10 companies shown (Voiceflow, Webflow, Work OS, Forethought, Lunchclub, Girlboss, Voyage, Dev.to, Relationship Hero, AirGarage) co-invested alongside a16z, Accel, True Ventures, Lightspeed, Floodgate, Founders Fund, YC
• Dev.to traction cited: 2M unique visitors/month
• Notable SaaS School alumni: Loom (Series A, Kleiner Perkins), Webflow (Series A, Accel), Superhuman (Series A → Series B, a16z)

• Check size: $50K–$150K per deal
• At $3M fund target, 30 investments → avg $100K/deal (mid-range of stated check size)
• Management fee: 2% × $3M–$5M = $60K–$100K p.a.
• No portfolio IRR, TVPI, DPI, or loss-ratio data shown.

Moat framing (GP's stated advantages):

1. Curated deal flow via SaaS School network
2. First-to-market positioning as a micro-fund specifically focused on next-gen workplace SaaS
3. Portfolio network effects: shared learnings, partner integrations, co-selling

• Named as a top angel investor by Business Insider alongside Ellen Pao and Cyan Banister
• No direct competitive funds named.

• GP / sole operator: Brianne Kimmel (ex-Zendesk GTM, Village Global Network Leader, angel investor)
• Fund size: $3M target, $5M hard cap
• Investment period: 18–24 months
• LP roster (slide 2): Marc Andreessen, Chris Dixon, Garry Tan, Zoom CEO Eric Yuan, InVision CEO Clark Valberg, executives from Dropbox and Slack
• Use of funds: deploy $50–150K per deal into ~30 Seed/Series A future-of-work companies
• No explicit management fee budget breakdown or fund expenses shown.

• Archetype + why: VC Fund Economics model. This is not an operating company - it is a GP raising a blind-pool fund. The appropriate model is a venture fund J-curve / cash-flow model covering capital deployment, management fee income, portfolio construction, and carried interest waterfall. A 3-statement operating model is not applicable.

• Forecast horizon & granularity: 10-year fund life (standard VC); quarterly granularity for deployment and distributions, annual for summary P&L and LP returns.

• Key drivers & assumptions:
• Fund size: $3M target / $5M cap; model at $3M base, $5M bull
• Number of investments: 30
• Check size range: $50K–$150K, average ~$100K; model average = $100K
• Investment period: 18–24 months
• Management fee: 2% p.a. on committed capital
• Carried interest: 20% above hurdle; hurdle rate = 8% (standard US VC)
• Reserve ratio (follow-on vs. initial): 0% - deck implies no reserve allocation given small fund size; flag as open question
• SaaS School sourced deals: ~40% of portfolio
• Vintage: 2019 based on deck references
• Fund life: 10 years (standard); 2-year extension option
• Deployment pace: ratable over 18–24 months, then harvest
• Portfolio construction: 30 companies; no SAFE/note vs. equity split stated
• Gross MOIC by scenario - :
• Bear: 1.5× (majority markdowns, 1–2 breakouts)
• Base: 2.5× (3–4 breakouts at 20–50× on small checks)
• Bull: 4.0× (1 unicorn exit + several 10× names given deal quality signals)
• Loss rate: ~40% of portfolio written to zero (early-stage norm)
• Time to liquidity: avg 6–8 years from first investment; distributions from year 5+
• GP commit: 1% of fund (standard); not stated in deck

• Scenarios (Base / Bull / Bear - which variables flex):
• Flex: fund size ($3M / $4M / $5M), gross MOIC (1.5× / 2.5× / 4.0×), number of winning exits (1 / 3 / 5), average exit multiple on winners
• Fixed: fee structure (2/20), check size, investment period

• Required sheets / outputs:

1. Assumptions - fund size, check size, # investments, fees, hurdle, MOIC by scenario
2. Deployment Schedule - quarterly capital calls, investment pace, cumulative deployed
3. Portfolio Construction - company-level table (30 rows): initial check, reserve (if any), entry stage, expected exit stage, assumed multiple
4. Management Fee P&L - annual fee income vs. fund expenses (GP salary, legal, admin); net GP economics
5. J-Curve / Cash Flow - LP capital calls (negative), distributions (positive), net cash flow by year
6. Carried Interest Waterfall - return of capital → hurdle → catch-up → 80/20 split; by scenario
7. LP Returns Summary - gross MOIC, net MOIC, gross IRR, net IRR by scenario
8. Dashboard - KPI cards: fund size, # investments, avg check, projected net MOIC, net IRR; J-curve chart; portfolio construction pie