Keep pulling the thread on Everett Randle.
Everett Randall passed on investing in OpenAI's $32 billion funding round while at Kleiner Perkins due to concerns about its complex non-profit structure and the potential for significant future dilution.
Everett Randall predicts OpenAI could raise funding at a trillion-dollar valuation by the end of the year or Q2 of the following year.
Everett Randall believes ChatGPT's growth trajectory is unstoppable, making it a more valuable and locked-in asset compared to Anthropic's offerings.
Customers of the home services AI company Avoca are reportedly spending as much on its single 24/7 receptionist product as they do on the entire ServiceTitan platform, with contract sizes around $250,000.
Everett Randall argues that AI application companies should be evaluated on absolute gross profit dollars per customer, not gross margin percentages, because their contract sizes can be much larger than traditional SaaS.
Benchmark's five best investments from its most recent fund are currently marked at multiples of approximately 60x, 30x (two companies), and 20x (two companies) based on their last round prices.
Mary Meeker, despite being known as a quantitative investor from her time at Morgan Stanley and Kleiner Perkins, is described by Everett Randall as the most qualitative investor he has ever worked with.
Mary Meeker uses quantitative data to visualize a company's narrative and potential on an 8 to 10-year time horizon, such as seeing DoorDash's future household penetration rate rather than just its growth percentage.
Founders Fund has an internal program allowing employees who work on an investment to personally co-invest alongside the firm, a mechanism designed by Peter Thiel to test investor conviction.
The culture at Founders Fund is characterized by intense, truth-seeking debate during investment committee meetings, where junior members are encouraged to challenge general partners like Keith Rabois without fear of reprisal.
Mamoun Hamid's investment thesis focuses on B2B software companies with consumer-like products that command high user love and engagement, as seen in his investments in Figma, Glean, and Rippling.
Everett Randall would prefer to invest in OpenAI at a $500 billion valuation over investing in Anthropic at a $350 billion valuation.