We're investing at day zero, oftentimes when founders are just starting companies. There's a lot more of an opportunity for a new fund that is specialist in nature to make an impact at pre-seed than to raise a Series A fund and compete against all of the well-known funds.
Going in very early, at 'day zero,' as Lacoste put it, is a cornerstone of Space VC's strategy. To do otherwise... is likely a recipe for failure.
Space VC's other moat is ultra-high conviction - that $20 million will go to only 15-16 companies, with check sizes between $500,000-$1 million.
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