Keep pulling the thread on Immad Akhund.
Imad Akhund has launched his first institutional venture fund, raising $26 million.
Sequoia invested in Mercury's Series C round and conducted the most thorough diligence out of more than 20 funds that were pitched.
In 2021, Mercury raised its Series B at a 120x revenue multiple, a valuation its CEO now considers "not rational."
Mercury raised $120 million in its Series B financing round.
Truebill was acquired for $1.25 billion, providing a greater than 30x return on Imad Akhund's angel investment made between 2016 and 2021.
Imad Akhund's biggest angel investing miss was passing on Scale AI because he believed the founders, aged 19 and 20 at the time, were too young to succeed.
Imad Akhund believes that due to high seed-stage entry valuations of $20-25 million, venture investors must now hunt for "decacorns" to achieve target fund returns.
Imad Akhund predicts Airtable could become a $50 billion company.
Imad Akhund believes AI business models based on labor replacement will face massive margin compression, with pricing eventually falling from one-third of labor cost to as low as one-tenth or one-twentieth due to competition.
Imad Akhund believes there is very little moat for AI applications built on the same foundation models, making margin compression inevitable.
Salesforce has stated that 20-30% of its code is now written by AI.
Mercury has over 200,000 customers, a scale its CEO claims is much larger than competitors Brex and Ramp.