WorkLife 2 Financial Model

• Worklife incubates startups and writes the first check for founders leaving top-tier companies.
• Proprietary sourcing engine: SaaS School - a program run by executives that sees 300+ applications per cohort and selects 30 companies; 40% of deals sourced from this channel.
• Content/thought-leadership platform (newsletters, videos, playbooks) used as a competitive advantage for deal access in oversubscribed rounds.
• Annual flagship event "Now, New, Next" (Oct 13–15) - described as "Sun Valley meets SXSW".
• GP Brianne Kimmel: former Zendesk, 50K+ Twitter followers, 30K+ newsletter subscribers.
• LP/advisor base includes Zoom CEO Eric Yuan, Slack CEO Stewart Butterfield, and founders/execs from Figma, Stripe, Notion, Miro, Webflow, GitHub, Postman, Airtable, InVision, Cameo, Coda.

• VC fund economics: management fees (typically 2% of committed capital p.a.) + carried interest (typically 20% of profits above hurdle). Neither rate is stated explicitly in the deck. Standard 2/20 structure used as model default.
• Fund I: $10M committed capital. Fund II size: not stated.
• SPVs alongside main fund also used (SPV MOIC of 4.49x reported).

Fund I performance (in 1.5 years):

• MOIC: 2.93x
• SPV MOIC: 4.49x
• Net IRR: 141.7%
• 7 unicorns, 19 markups

Unicorn portfolio valuations at time of deck:

• Hopin: $5.65B
• Clubhouse: $4.0B
• Tonal: $1.6B
• Webflow: $2.1B
• Pipe: $2.0B
• Deel: $1.25B
• Public: $1.2B

100% of follow-on rounds led by Tier 1 firms (a16z, Benchmark, Craft, Sequoia, Founders Fund, Lightspeed, Spark Capital).

Community/event traction:

• 50+ community events hosted in under a year
• 100% attendance rate on Zoom events
• Annual event: 15 original sessions, 1,500 attendees, 5,000 new contacts generated

SaaS School sourcing:

• 300+ applications per program cohort
• 30 companies selected per cohort
• 40% of deals sourced through the program

Moat sources stated in deck:

• Proprietary SaaS School deal-flow engine (40% of deals) - hard to replicate community of operator/angel speakers.
• Brand: outbound-focused, high-conviction approach to oversubscribed rounds backed by founder testimonials.
• LP/advisor network of iconic tech operators (Zoom, Slack, Figma, Stripe, Notion, GitHub, Miro, Postman) provides co-investment leverage and deal access.
• Content platform (newsletter 30K+ subs, Twitter 50K+ followers) as inbound deal-flow and brand-building.
• D&I angle: GP meets every new female hire at portfolio companies, cited as differentiator.
• No direct competitor analysis presented.

• GP: Brianne Kimmel - previously Zendesk GTM; active angel with extensive media presence.
• Operator LP / advisor network: Eric Yuan (Zoom), Stewart Butterfield (Slack), and ~15 named tech founders/execs.

• Archetype + why: VC Fund Economics Model. This is an LP fundraising deck for a venture fund, not an operating startup. The right model is a fund economics / waterfall model showing: deployment schedule, portfolio construction, exit assumptions, management fee income, carry distributions, and DPI/TVPI/IRR for LPs.
• Forecast horizon & granularity: 10-year fund life; annual granularity for deployment and exit schedule. Months 1–36 for deployment phase.
• Key drivers & assumptions:
• Fund size: $25–50M (Fund I was $10M; Fund II likely 2.5–5x step-up) - open question, not in deck
• Management fee rate: 2.0% p.a. on committed capital during investment period, 2.0% on NAV thereafter (standard)
• Carry rate: 20% above 8% preferred return hurdle (standard 2/20)
• Investment period: 3 years (years 1–3)
• Average check size / initial investment: $250K–$500K seed; fund size ÷ ~30 portfolio companies
• Follow-on reserve ratio: 40% of fund reserved for follow-on
• Portfolio construction: ~30 initial investments per SaaS School model; 7 expected markups to $1B+ in 10 years
• Exit timing: average 5–7 years post-investment; mix of M&A and IPO
• Exit multiples by tier: 0x (10% write-offs), 1x (20%), 3x (30%), 10x (25%), 50x+ (15%) - calibrated to Fund I MOIC of 2.93x
• SPV economics: SPVs alongside main fund at higher MOIC (4.49x Fund I); model separately
• Gross-to-net spread: ~100–150bps for fees and expenses
• TVPI/DPI targets: implied by 2.93x MOIC in 1.5 years; full-fund target unspecified
• Scenarios (Base / Bull / Bear - which variables flex):
• Bear: lower fund size ($25M), fewer unicorns (3), average exit at 4x gross MOIC, 8-year liquidity
• Base: $40M fund, 5 unicorns, 7x gross MOIC, 6-year average exit
• Bull: $50M fund, 8+ unicorns (consistent with Fund I pace), 12x gross MOIC, 5-year exits, active SPV program
• Required sheets / outputs:

1. Assumptions - fund size, fee rates, carry, hurdle, deployment schedule
2. Portfolio Construction - # companies, check sizes, follow-on reserves, ownership %
3. Deployment Schedule - capital calls by year
4. NAV / MOIC Build - portfolio fair value by year
5. Exit Waterfall - LP return of capital → preferred return → carry split
6. LP Returns - DPI, TVPI, net IRR by scenario
7. Management Company P&L - fee income vs. operating expenses
8. SPV Model - separate SPV fee/carry economics (optional)
9. Dashboard - headline LP return metrics by scenario